The digital arm of Reliance Industries, Reliance Jio Infocomm Ltd, on Tuesday announced that Ambani would resign as the director of the company effective from 27 June.
In a regulatory filing, Reliance Jio said the company’s board at a meeting on 27 June, “approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.”
Among other appointments, Pankaj Mohan Pawar will take over as the Managing Director of the company from 27 June.
Raminder Singh Gujral and KV Chowdary were appointed independent directors.
In 2021, Ambani said that his kids were taking more responsibilities as part of the leadership shift. He said he could see in his children the same spark and potential of his father Dhirubhai Ambani – Reliance’s founder – for contributing to the country’s growth.
The Board of Directors have at their meeting held on 27 June, 2022:
(a) approved the appointment of Raminder Singh Gujral and KV Chowdary, as Additional Directors of the Company, designated as Independent Directors for a period of 5 (five) years commencing from 27 June, 2022, subject to approval of the shareholders
(b) approved the appointment of Pankaj Mohan Pawar as Managing Director of the Company for a period of five (5) years commencing from 27 June, 2022, subject to approval of the shareholders
(c) noted the resignation of Mukesh D Ambani as Director of the Company effective from close of working hours on 27 June, 2022
(d) approved the appointment of Akash M Ambani, Non-executive Director as Chairman of the Board of Directors of the Company.
“In accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, we hereby confirm that Raminder Singh Gujral and KV Chowdary are not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other such authority,” the company said.
Established in 2019, Jio Platforms, wholly-owned by RIL, is an Indian technology company.
Shares of Reliance Industries closed at 2,529.00 apieace on BSE, 1.49% higher than yesterday’s close. At the NSE, it climbed by 1.50% to settle at ₹2530.00 apiece.
