MUMBAI : Anil Ambani stepped down from the board of Reliance Infrastructure Ltd and Reliance Power Ltd on Friday evening, a month after a Securities and Exchange Board of India (Sebi) order asked him and other directors of Reliance Home Finance Ltd to quit as directors in any listed company with immediate effect.
“Anil D. Ambani, the non-executive director, steps down from the Board of Reliance Power in compliance of SEBI interim order,” said Reliance Power in a regulatory filing. A similar statement was released by Reliance Infrastructure as well on the stepping down of Ambani from its board.
In February this year, Sebi had barred Reliance Home Finance Ltd, industrialist Anil Ambani, and three other individuals from the securities market for allegedly siphoning off funds from the company.
The regulator also 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 companies said that civil servant Rahul Sarin has been appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to the approval of members at the general meeting.
The companies said its Board of Directors unanimously reposed full trust in Ambani’s leadership and invaluable contribution to the Company.
During the past one year the company has created immense value for its around 8 lakh shareholders with stock price increasing from a low of Rs 32 to a high of Rs 150 (469%), the boards noted.
Rahul Sarin, 72, a civil servant with a distinguished record of public service of over 35 years, retired as Secretary to Government of India.
At present Sarin is a director of Afthonia Private Limited.