Reliance Communications' Chairman Anil Ambani has voluntarily decided to not take any salary or commission from Reliance Communications in the current financial year.
"The decision is part of company promoters' commitment to strategic transformation programme. RCom management also steps up, follows Chairman's lead to ensure time-bound execution," said a press statement.
"RCom management team on-board has also decided to defer personal pay by up to 21 days. Measures will remain in place till December 2017," it added.
Early this month, rating agencies Fitch and Moody's today downgraded credit rating of Reliance Communications on account of its fragile liquidity position and limited ability to pay back debt.
Fitch downgraded RCom to the lowest category with some hope for recovery of principal or interest amount while Moody's Investors Service downgraded the firm to the second lowest category.
In a press conference on June 2, Reliance Communications chairman Anil Ambani announced the new RCom-Aircel merged wireless company Aircom. RCom will hold 50% stake in Aircom.
"The decision is part of company promoters' commitment to strategic transformation programme. RCom management also steps up, follows Chairman's lead to ensure time-bound execution," said a press statement.
"RCom management team on-board has also decided to defer personal pay by up to 21 days. Measures will remain in place till December 2017," it added.
Early this month, rating agencies Fitch and Moody's today downgraded credit rating of Reliance Communications on account of its fragile liquidity position and limited ability to pay back debt.
Fitch downgraded RCom to the lowest category with some hope for recovery of principal or interest amount while Moody's Investors Service downgraded the firm to the second lowest category.
In a press conference on June 2, Reliance Communications chairman Anil Ambani announced the new RCom-Aircel merged wireless company Aircom. RCom will hold 50% stake in Aircom.
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