Reliance Group Chairman Anil Ambani resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company.
Sebi in February 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 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 RPower and RInfra, subject to approval of members at the general meeting.
The board unanimously reposed full trust in Ambani's leadership and invaluable contribution to steering the company through great financial challenges and towards being potentially debt-free in the course of the coming financial year, the firms said.
