On Friday, Anil Ambani, chairman of the Reliance Group, resigned as director of Reliance Power and Reliance Infrastructure. After a market regulator, SEBI, issued an order prohibiting him from associating with any publicly traded company, the action was taken.
In a BSE filing, Reliance Power said that “non-executive director Anil D Ambani steps down from the board of Reliance Power in line with SEBI (Securities and Exchange Board of India) interim decision.”
Following this, Rahul Sarin was appointed as an Additional Director in the capacity of Independent Director on the boards of RPower and RInfra on Friday, subject to the approval of members at the general meeting, the two Reliance Group firms stated.
The present Director Rahul Sarin, 72 is also the director of Afthonia Private Limited while he retired as Secretary to the Government of India after a successful 35 years career in public service.
According to the businesses, the company’s board of directors unanimously showed full trust in Ambani’s leadership and invaluable contribution to navigating the company through enormous financial hurdles and towards becoming potentially debt-free in the coming financial year.