- Reliance Communications has been in the spotlight over its huge debt
- It pursues stake sale in its tower firm and merger with Aircel
- RCom says it will complete these two deals by September 30
"Chairman, Reliance Group, Anil D Ambani voluntarily decides to draw no salary or commission from RCom in current financial year," RCom said in a statement.
The company has defaulted on some of the payments to lenders and it has received time till December for strategic restructuring plan under which it will get a 7-month standstill to service loans amounting to Rs 45,000 crore.
Ambani has said that the debt burden will be reduced to Rs 20,000 crore with two deals by September, before the December deadline given by the lenders.
The company has been reeling under a slew of rating downgrades over the last few days, battering its stock. Shares of RCom were trading at 18.2 a unit, up 0.83 per cent, in the afternoon on BSE.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Subscribe to our YouTube channel, like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.