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.
The firm said it had appointed non-executive director and Ambani’s son Akash Ambani as the chairman of the board. Pankaj Mohan Pawar will take over as the Managing Director of the company from 27 June.
The board also approved Raminder Singh Gujral and K.V. Chowdary, as Additional Directors of the firm. They have been designated as Independent Directors for a period of 5 years commencing from June 27, 2022.
In a stock exchange filing, Reliance Jio Infocomm said the company’s board at a meeting on June 27, ”approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.” This comes after his father resigned with effect from the close of working hours on June 27, it said.
Akash Ambani has been closely involved with the business from inception and was involved in the number of acquisitions by Jio and also in stake sales. Akash Ambani takes over at a time when the Indian telecom sector will be rolling out a 5G network in a few months and is looking at increasing the average revenue per user, a key metric to suggest sustainability in the industry.
“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 the India order or any other such authority,” said the company.
Established in 2019, Jio Platforms, wholly owned by RIL, is an Indian technology company. Shares of Reliance Industries closed at 2,529.00 a piece on BSE, 1.49% higher than yesterday’s close. At the NSE, it climbed by 1.50% to settle at ₹2530.00 apiece.
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 the 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 the 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.
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