Reliance Group Chairman Anil Ambani on Friday resigned as directors of Reliance Power and Reliance Infrastructure following a market regulator SEBI order barring him from associating with any listed company.
“Anil D Ambani, the non-executive director, stepped down from the board of Reliance Power in compliance with the interim order of SEBI (Securities and Exchange Board of India),” Reliance Power said in a BSE filing.
In a separate filing to the stock exchange, Reliance Infrastructure said Anil Ambani has resigned from its board “in compliance with SEBI’s interim order”.
In February, SEBI had banned Reliance Home Finance Ltd, industrialist Anil Ambani and three other persons for allegedly withdrawing money from the company from the securities market.
The regulator barred Ambani and three others from associating themselves with “any intermediary registered with SEBI, any listed public company or acting directors/promoters of any public company which intends to raise funds from the public until further orders”. keeps.” Two Reliance group companies said Rahul Sarin has been appointed as additional director in the capacity of independent director on the boards of RPower and RInfra on Friday for a period of five years, subject to the approval of the members at the general meeting, two Reliance Group companies said. .
The company’s board of directors unanimously expressed full confidence in Ambani’s leadership and invaluable contribution towards driving the company through major financial challenges and potentially becoming debt-free during the coming financial year, the firm said.
He also said that the board looks forward to inviting Ambani back to close the matter at the earliest and provide his vision and leadership to the company in the interest of all stakeholders.
The Board noted that the company has created immense value for its nearly 8 lakh shareholders during the last one year, with the share price rising from a low of Rs 32 to Rs 150 (469%).
Rahul Sarin, 72, a civil servant with a distinguished record of public service for more than 35 years, retired as Secretary to the Government of India.
Presently Sareen is the Director of Afthonia Pvt Ltd.