Anil Ambani on Friday resigned as directors of Reliance Power and Reliance Infrastructure. Anil Ambani has taken this step after the order of market regulator SEBI. Anil Ambani took this step after SEBI had barred Anil Ambani from joining any listed company. Reliance Power has said in a BSE filing that pursuant to the interim order of SEBI, Anil Ambani has stepped down from the board of Reliance Power as non-executive director. He has resigned from his post. ADG Group has said that the boards of directors of Reliance Power and Reliance Infrastructure have appointed Rahul Sarin as an additional director for a period of five years.
Significantly, in February this year, SEBI had banned Reliance Home Finance Limited, Anil Ambani and three others from the securities market for allegedly withdrawing money. Anil Ambani’s resignation is being linked to this order. In their statement, the firms said that the board of directors has unanimously expressed confidence in the leadership of Anil Ambani in helping the company overcome major financial challenges and contribute to the company’s debt-free recovery.
The board also said that in the last one year, the company has brought substantial benefits to all its shareholders. He said that the stock price has increased from Rs 32 to Rs 150.