Following a market regulator’s ruling prohibiting him from participating with any listed firm, Reliance Group Chairman Anil Ambani resigned as director of Reliance Power and Reliance Infrastructure on Friday.
”Anil D Ambani, the 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 its regulatory filing.
“The Board looks forward to an early closure of the matter and inviting Mr. Ambani back to provide his vision and leadership to the Company in the interest of all stakeholders,” it further stated, adding that it noted that during the past 1 year, “the company has created immense value for its over 36 lakh shareholders with the stock price increasing from a low of Rs. 4 to a high of Rs. 19 (375%).”
Reliance Infrastructure announced in a separate filing to the stock exchange that Anil Ambani had stood down from the board of directors “in line with SEBI interim ruling.”
Reliance Infra said that over the previous year, the firm has created enormous wealth for its approximately 8 lakh stockholders, with the stock price rising from a low of Rs 32 to a high of Rs 150 (469%).
Reliance Home Finance Ltd, industrialist Anil Ambani, and three other individuals were prohibited from the securities market by SEBI in February for allegedly siphoning funds from the company.