Reliance Anil Dhirubhai Ambani Group (ADAG) chairman Anil Ambani stepped down as the director of Reliance Power and Reliance Infrastructure on Friday night.
SEBI had asked him to stay away from any listed company.
The boards of directors of R-Power and R-Infra on Friday appointed Rahul Sarin as an additional director for a tenure of five years, both the ADAG group companies said.
However, the approval of the members is yet to be taken in the general meeting on this appointment.
The Board of Directors of R-Power and R-Infra on Friday appointed Rahul Sarin as an independent director for five years.
In a BSE filing, Reliance Power said – Anil Dhirubhai Ambani (Non-Executive Director) is stepping down from the board of Reliance Power.
This is a decision taken based on the interim order of SEBI. Reliance Infrastructure has also given a similar filing to the stock exchange.
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RHFL was banned by SEBI in February
SEBI had in February banned Reliance Home Finance Ltd, industrialist Anil Ambani and three other persons from the securities market for allegedly extorting money.
The Board of Directors of R-Power and R-Infra on Friday appointed Rahul Sarin as an additional director for a tenure of five years, said both the Reliance Group companies.
However, this appointment is subject to the approval of the members at the general meeting.
This news has come at a time when many companies of Anil Ambani are going through an insolvency process. These include Reliance Infratel (the tower arm of Reliance Communications), Reliance Telecom, Reliance Naval and Reliance Capital.
Apart from this, Piramal Group's company Piramal Capital and Housing Finance (PCHFL) has also approached NCLT against Reliance Power.
What went wrong with Ambani? Anil Ambani Net Worth in 2022 ($ 00)
However, by 2011, Anil Ambani's net worth decreased fourfold to $8.8 billion after the 2G scandal and the Central Bureau of Investigation's investigation into his involvement with Swan Telecom.
As Reliance Power slowed down, Ambani's net worth dropped over $3 billion to $5.2 billion in 2013.By 2016, his net worth was only $2.5 billion—since many of his companies became debt-burdened and faced operational troubles.