Anil Ambani Resigns: Reliance Group Chairman Anil Ambani resigns as director of Reliance Power and Reliance Infrastructure on friday, following markets regulator SEBI order restraining him from associating with any listed company.
“Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order,” Reliance Power said in a BSE filing. In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board “in compliance of SEBI interim order”.
“The board noted that during the past year, the company has created immense value for its around 800,000 shareholders with the stock price increasing from a low of Rs 32 to a high of Rs 150,” Reliance Infrastructure said in the exchange filing. Reliance Power credited Ambani’s leadership for taking the stock price from a low of Rs 4 to a high of Rs 19 in the past year.
In an 11 February interim order passed in the case of Reliance Home Finance Ltd, the regulator barred Ambani, Amit Bapna, Ravindra Sudhalkar and Pinkesh R. Shah from associating with any listed entity, acting as their directors and from associating with any market intermediary.
“Noticees 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,” said Sebi in its 11 February order.
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The directions were given based on Sebi’s findings regarding the loan transactions of Reliance Home Finance (RHFL). The matter relates to irregularities in the general-purpose corporate loan to the tune of ₹8,470.65 crore extended by RHFL to connected entities.
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