Reliance Communications (RCom) said Friday that Punit Garg, executive director of the telecom company, has resigned from his position. However, Garg will remain on the board of RCom as a non-executive director.
“We wish to inform you that ...Punit Garg, Executive Director of the company, has ceased to be the Executive Director of the Company with effect from April 5, 2019,” said the Anil Ambani owned telco in a regulatory filing on Friday. “...Punit Garg will continue on the Board of the Company as Non-Executive Director of the Company,” added the operator.
Garg has been a long time executive at RCom, having served in various senior management roles.
The debt-laden operator has recently said it will file for bankruptcy protection, having unsuccessfully tried to sell its wireless assets to Reliance Jio due to legal hurdles, in a bid to pare its debt.
Weighed by a debt if Rs46000 crore, slumping revenue and widening losses, the telco shut operations end of 2017.