Mukesh Ambani: Proposal to make Mukesh Ambani the chief for the next 5 years; Reliance Industries sought approval.

Reliance Industries Ltd has sought shareholders’ approval to appoint Mukesh Ambani as the company’s chairman and managing director (CMD) for the next five years with zero pay. A proposal has been submitted for this. During the new term, Mukesh Ambani (66) will cross the age limit of 70 years required under company rules for the post of chief executive. In such a situation, he needs a special resolution of the shareholders for further appointment.

Shareholders’ approval sought

In a special resolution, Reliance has sought shareholders’ approval to appoint Mukesh Ambani as the company’s chairman by April 2029. Mukesh Ambani has been on the board of directors of Reliance since 1977 and became the company’s chairman in July 2002 following the death of his father and group founder Dhirubhai Ambani.

opted for pay leave In a special resolution sent to shareholders, Reliance said its board of directors has approved the appointment of Mukesh Ambani as managing director for a further five years with effect from July 21, 2023. The resolution said that Ambani had fixed his annual remuneration at Rs 15 crore from FY 2008-09 to FY 2019-20. Thereafter, from the financial year 2020-21 onwards, he had opted to forgo his salary due to the COVID-19 pandemic.