Mumbai: Reliance Group Chairman Anil Ambani on Friday resigned as directors of Reliance Power and Reliance Infra. His resignation came on the orders of market regulator SEBI.
SEBI has barred Ambani from being associated with any listed company. Reliance Power and Reliance Infra informed in separate exchange filings that pursuant to the interim orders of SEBI, Ambani has resigned as non-executive director from the boards of both the companies.
Markets regulator SEBI had last month banned Reliance Home Finance, industrialist Anil Ambani and three others from the securities market in February 2022 for wrongful withdrawal of money from the company.
Apart from this, SEBI has banned four people, including Ambani, from joining as acting directors/promoters of any intermediary registered with SEBI, a listed public company or a public company preparing to raise money from investors. This restriction will continue till further orders of SEBI.
After the resignation of Anil Ambani, both Reliance Group companies R Power and R Infra have appointed Rahul Sarin as additional director for five years. However, their appointment is yet to be approved by the members in the general meeting.
The company’s board of directors unanimously lauded Ambani’s leadership and said that they are waiting for the matter to be resolved at the earliest so that Ambani can be brought back in the interest of all stakeholders.
Rahul Sarin, 72, did public service for 35 years and retired as Secretary to the Government of India. At present he is the director of Afthonia Private Limited.
