ambani: Anil Ambani quits as RInfra, RPower director

NEW DELHI: Chairman of Reliance Anil Group Ambani on Friday, resigns as director of Dependent strength and Reliance Infrastructure, according to the market regulator SEBI bans him from affiliated with any listed company.
“Anil D Ambani, non-executive director, resigns from the board of directors of Reliance Power under the interim order of SEBI (Securities and Exchange Commission of India),” Reliance Power said in a BSE filing.
In a separate filing with the stock exchange, Reliance Infrastructure said that Anil Ambani had resigned from his board “in compliance with SEBI’s interim orders”.
Sebi in February is banned Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the stock market for allegedly siphoning money from the company.
The regulator also restricts Ambani and three others from “associating themselves with any Sebi-registered intermediary, any listed public company, or acting director/promoter of any public company.” public company that intends to raise money from the public until the next order is available.”
The two Reliance Group companies said Rahul Sarin has been appointed an Additional Director as an Independent Director for a five-year term on the boards of RPower and RInfra, subject to approval by RPower and RInfra. members at a general meeting.
The company’s board of directors unanimously agreed to have full confidence in Ambani’s leadership and invaluable contribution in moving the company through major financial challenges and toward debt-freedom during the financial year. coming soon, the company said.
They also said that the board looks forward to ending the matter soon and inviting Ambani back to provide his vision and leadership to the company for the benefit of all stakeholders.
Over the past year, the company has created tremendous value for about 80,000 shareholders with the share price rising from a low of Rs 32 to a high of Rs 150 (469%), the board noted.
Rahul Sarin, 72 years old, a civil servant with more than 35 years of public service record, retired as Secretary of the Government of India.
Currently Sarin is the director of Afthonia Private Limited.

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