Anil Ambani Steps Down As Director Of Two Companies Of Reliance

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Anil Ambani Steps Down As Director Of Two Companies Of Reliance

| Updated: March 26, 2022 10:29

On Friday, Reliance Group Chairman Anil Ambani resigned as director of Reliance Power and Reliance Infrastructure after SEBI (Securities and Exchange Board of India) restrained him from being associated with any listed company.

In their BSE filing, Reliance Power said that “Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance with SEBI interim order.”

Reliance Infrastructure followed a similar script in a separate filing to the stock exchange. It said that Anil Ambani has stepped down from its board in compliance with the interim order of SEBI.

In February, SEBI banned Anil Ambani, Reliance Home Finance Ltd, and three other individuals from the market for siphoning off funds from the company.

SEBI also restrained Anil Ambani and three others from associating themselves with any registered intermediary, publicly listed company, or acting as directors or promoters of any public company that intends to raise public money.

The two companies of Reliance Group said that Rahul Sarin had been appointed as an Additional Director on the boards of Reliance Power and Reliance Infra for five years, subject to the member’s approval at the general meeting.

The firm said that the company’s board of directors unanimously reposed complete faith in Ambani’s leadership and invaluable contribution to the company through significant financial challenges and being potentially debt-free in the coming financial year.

They also said that the board hopes for early closure of the matter and then inviting Anil Ambani to provide his vision and leadership to the company in the interest of all stakeholders.

The boards noted that the company had created immense value for its around 8 lakh shareholders during the past year. As a result, the stock price increased from a low of Rs 32 to a high of Rs 150 (469%).

Rahul Sarin, 72, is a civil servant with a distinguished record of public service of over 35 years. Sarin retired as Secretary to the Government of India.

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