Mukesh Ambani resigns as Director of Reliance Jio, Akash Ambani to Chair board

Mukesh Ambani has resigned as the Managing director of Reliance Jio. Akash Ambani has been named the company’s Chairman of the Board.

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The telecom major Reliance Jio on Tuesday announced that Mukesh Ambani, Director, Reliance Jio has resigned from his position in the company, and his son Akash Ambani is appointed as the Chairman of the board of directors.

According to the company, Pankaj Mohan Pawar is appointed as the managing director of the company for an initial period of five years, commencing on June 27.

In the meeting held on June 27, the company approved the appointment of Raminder Singh Gujral and K.V. Chowdary, as Additional Directors, designated as Independent Directors for a period of five years commencing from June 27, 2022, subject to the approval of the shareholders.

Further, in accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, Raminder Singh Gujral and K. V. Chowdary are not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other such authority, the company said.

The official statement of the company is still awaited.

(This is a developing story..)