Reliance Group chairman Anil Ambani has resigned from his post of Director from Reliance Power and Reliance Infra in accordance with SEBI’s orders to not be associated with any listed company.
“Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order,” Reliance Power said in a BSE filing. In a separate fling, Reliance Infra has announced the same.
In February, SEBI had barred Anil Ambani and three other people from associating with listed companies and the securities market under the allegation that funds were being siphoned out of the companies. Mr. Rahul Sarin has been appointed as Additional Director in the capacity of independent director for a term of 5 years.
The Board of Directors have shown faith in Ambani’s leadership and his invaluable contribution in moving the company through financial challenges. During the past year, the company has created great value for its shareholders. One year ago, the share was worth around Rs 36.00 per share & yesterday the share closed for Rs 109.20.
Highlight by Aman Agarwal.