Mukesh Ambani resigns from board of Reliance Jio, son Akash appointed Chairman
By Team Newsable | First Published Jun 28, 2022, 4:44 PM ISTJio has appointed Raminder Singh Gujral and K V Chowdary as directors for a five-year term beginning June 27, 2022. The company also accepted the appointment of Pankaj Mohan Pawar as the company's Managing Director for a five-year term beginning June 27, 2022.
The Reliance Jio board of directors on Tuesday accepted the nomination of Akash Ambani as chairman of the company's board. Mukesh Ambani, the chairman of Reliance Industries and Akash Ambani's father, resigned as a director of the telecom giant on June 27. The announcement comes only days before the RIL AGM, when Street expects the oil-to-telecom behemoth to unveil demerger intentions.
Jio has appointed Raminder Singh Gujral and K V Chowdary as directors for a five-year term beginning June 27, 2022. The company also accepted the appointment of Pankaj Mohan Pawar as the company's Managing Director for a five-year term beginning June 27, 2022.
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Jio, which has assumed the lead in the Indian telecom market, posted a net profit of Rs 4,173 crore in Q4FY22, up from Rs 3,615 crore in the previous quarter. The standalone income from operations was Rs 20,901 crore, up 20.4 percent from Rs 17,358 crore in the previous year.
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"The board of directors has acknowledged the resignation of Mr Mukesh D Ambani as director of the business effective from the conclusion of working hours on June 27, 2022," Jio told stock markets.
Akash Ambani, the son of RIL chairman Mukesh Ambani, joined Jio's board of directors in 2014. His appointment as board chairman was announced alongside the news that Mukesh Ambani will stand down as Jio's director.
Jio Platforms, an Indian technology business founded in 2019, is completely owned by RIL. Reliance Industries shares finished at 2,529.00 per share on the BSE, up 1.49 percent from the previous day's closing. On the NSE, it increased by 1.50 percent to 2530.00 per share.
Also Read. | Reliance Chairman Mukesh Ambani hints at succession, ‘In process of momentous leadership transition’
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