Reliance ropes in veteran banker Ok V Kamath as impartial director

Reliance Industries Limited (RIL) Friday appointed veteran banker Ok V Kamath as an impartial director on the corporate board for a interval of 5 years.

In a inventory trade submitting, Reliance stated: “The Board of Directors has, at its meeting held today, based on the recommendation of the Human Resources, Nomination and Remuneration Committee considered and recommended to the shareholders for approval the appointment of Shri K. V. Kamath (DIN: 00043501) as an Independent Director of the Company for a term of 5 consecutive years with effect from the date of assumption of office by Shri K. V. Kamath. The Board of Directors also approved the postal ballot notice in this regard.”

“As intimated earlier, RSIL will be renamed as Jio Financial Services Ltd (JFSL) and listed pursuant to a scheme of demerger approved by the Board of Directors for demerger of the financial services business of the company into RSIL,” Reliance stated within the submitting.

Kamath will proceed as an impartial director and non-executive chairman of JFSL upon consummation of the demerger and itemizing of JFSL on inventory exchanges.

An IIM Ahmedabad graduate, Kamath is an completed Indian banker who began his profession with ICICI in 1971.

Subsequently, he moved to the Asian Development Bank (ADB) in 1988 and spent a number of years in South East Asia earlier than returning to ICICI as its managing director and CEO in 1996 and submit its merger into ICICI Bank, was the managing director and CEO of ICICI Bank.