Anil Ambani resigns as director of Reliance Power, Reliance Infrastructure

Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed firm.

“Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order,” Reliance Power stated in a BSE submitting.

In a separate submitting to the inventory trade, Reliance Infrastructure stated that Anil Ambani has stepped down from its board “in compliance of SEBI interim order”.

Sebi in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three different people from the securities marketplace for allegedly siphoning off funds from the corporate.

The regulator additionally restrained Ambani and three others from “associating themselves with any intermediary registered with Sebi, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public till further orders.”

The two Reliance Group firms stated that Rahul Sarin has been appointed as an Additional Director within the capability of Independent Director for a time period of 5 years on Friday on the boards of RPower and RInfra, topic to approval of members on the basic assembly.

The board of administrators of the corporate unanimously reposed full belief in Ambani’s management and invaluable contribution to steering the corporate by nice monetary challenges and in the direction of being doubtlessly debt-free in the middle of the approaching monetary yr, the corporations stated.

They additionally stated that the boards look ahead to an early closure of the matter and alluring Ambani again to supply his imaginative and prescient and management to the corporate within the curiosity of all stakeholders.

During the previous one yr the corporate has created immense worth for its round 8 lakh shareholders with inventory worth growing from a low of Rs 32 to a excessive of Rs 150 (469%), the boards famous.

Rahul Sarin, 72, a civil servant with a distinguished file of public service of over 35 years, retired as Secretary to Government of India.

At current Sarin is a director of Afthonia Private Limited.