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The shareholders of Reliance Industries have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani as the company’s non-executive directors, it said in a stock exchange filing on Friday.
According to the company’s filing, over 98 per cent votes were in favour of Isha and Akash’s appointment, while Anant faced most resistance with 7.24 per cent votes polled against him.
“Isha Ambani, Akash Ambani and Anant Ambani got approval from 98.21 per cent, 98.06 per cent and 92.76 per cent, respectively of the total votes polled,” it said.
In another key decision, the board of directors also accepted the resignation of Nita Ambani.
In August, Isha, Akash and Anant’s appointments were given the nod by the board of directors. This was marked as the next big step in the leadership transition at Reliance Industries (RIL).
A resolution seeking shareholder nod said the trio will be paid only a fee for attending board and committee meetings, and will get only a sitting fee and a commission on the profit earned by the firm.
Reliance has five broad verticals, the oil-to-chemical (O2C) business that houses the world’s largest single-location refining complex and petrochemical plants, telecom and digital business, retail (both physical and online), new energy, and recently launched financial services.
Group’s retail venture Reliance Retail is headed by Isha Ambani, who was also named as non-executive director on the board of Jio Financial Services.
In July, Akash was appointed as the chairman of the board of directors of Reliance Jio Infocomm, and is also a member of the board of Jio Platforms.
Anant is a director on the boards of Jio Platforms, Reliance Retail Ventures and Reliance New Energy and Reliance New Solar Energy. He also serves on the board of Reliance Foundation.
The siblings have been on the board of the operating companies but this is the first time they have been appointed on the board of the parent firm.