Mukesh Ambani resigns as director of Reliance Jio, Akash Ambani named chairman

Reliance Industries’ digital arm, Reliance Jio Infocomm Ltd, announced Tuesday that Ambani will resign as company president effective June 27.

The company said it had appointed non-executive director and Ambani’s son Akash Ambani as chairman of the board.

Pankaj Mohan Pawar will assume the position of general manager of the company from June 27.

The Board of Directors at its meeting of 27 June 2022:

(a) approved the appointment of Raminder Singh Gujral and KV Chowdary, as Additional Directors of the Company, appointed as Independent Directors for a term of 5 (five) years from 27 June 2022, subject to shareholder approval

(b) approved the appointment of Pankaj Mohan Pawar as CEO of the Company for a term of five (5) years from June 27, 2022, subject to shareholder approval

(c) took note of the resignation of Mukesh D Ambani as director of the company with effect from the closing of business 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 barred from holding the office of director pursuant to an order from the Securities and Exchange Board of India or any other such authority,” the company said in a regulatory filing.

Founded in 2019, Jio Platforms is wholly owned by RIL and is an Indian technology company.

Shares of Reliance Industries closed at 2.529.00 BSE, 1.49% higher than yesterday’s close. On the NSE, it climbed 1.50% to settle at 2530.00 each.

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