Business

Anil Ambani steps down as director of Reliance Infrastructure, Reliance Power

Rahul Sarin has been appointed as an Additional Director in the capacity of Independent Director for a term of five years on the boards of R-Power and R-Infra

PGurus Newsdesk

March 26, 2022

Rahul Sarin has been appointed as an Additional Director in the capacity of Independent Director for a term of five years on the boards of R-Power and R-Infra

Complying with SEBI’s interim order Anil Ambani resigns as director of Infra, Power

On Friday, Anil Ambani, the Reliance Group Chairman resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI’s order restraining him from associating with any listed company.

Reliance Infrastructure said in a statement that Anil Ambani has stepped down from its board “in compliance with SEBI’s interim order”.

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

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 R-Power and R-Infra, subject to the approval of members at the general meeting.

In February, 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.

SEBI 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.”

In an 11 February interim order passed in the case of Reliance Home Finance Ltd, the regulator barred Ambani, Amit Bapna, Ravindra Sudhakar, and Pinkesh R Shah from associating with any listed entity, acting as their directors, and from associating with any market intermediary.

The SEBI order read, “Notices are hereby restrained from associating themselves with any intermediary registered with SEBI, any listed public company or acting as Directors/ promoters of any public company which intends to raise money from the public, till further orders.”

[With Inputs from IANS]

PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views

For all the latest updates, download PGurus App.