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Anil Ambani Resigns As Director of Reliance Power, Reliance Infrastructure

Sebi in February had barred Anil Ambani from the securities market. (File)

New Delhi:

Reliance Group chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following an order from market regulator SEBI barring him from associating with any listed company.

“Anil D Ambani, a non -executive director, resigned from the board of Reliance Power in compliance with the interim order of SEBI (Securities and Exchange Board of India),” Reliance Power said in its BSE filing.

In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani had resigned from its board “in compliance with SEBI’s interim order”.

Sebi in February banned Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly sucking funds from the company.

The regulator also barred Mr Ambani and three others from “associating themselves with any intermediary registered with Sebi, any public listed company or the acting director/promoter of any public company intending to raise money from the public until next order. “

Both Reliance Group companies said that Rahul Sarin has been appointed as an Additional Director in the capacity of an Independent Director for a five-year term on Friday on the boards of RPower and RInfra, subject to members ’approval at a general meeting.

The company’s board of directors unanimously restores full confidence in Mr Ambani’s leadership and invaluable contribution to navigating the company through great financial challenges and towards debt -free over the course of the coming financial year, the firm said.

They also said that the board of directors is looking forward to the early closure of the matter and invited Mr Ambani back to give his vision and leadership to the company in the interest of all stakeholders.

Over the past year, the company has created huge value for around 8 lakh of its shareholders with the share price rising from a low of Rs 32 to a high of Rs 150 (469%), the board said.

Rahul Sarin, 72, a civil servant with an outstanding civil service record of over 35 years, is retiring as Indian State Secretary.

Mr. Sarin is currently a director of Afthonia Private Limited.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


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