Reliance Group Chairman Anil Ambani on Friday resigned from his position as director of Reliance Power and Reliance Infrastructure following a SEBI order restraining him from associating with any listed company.
"Anil D Ambani, 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 a BSE filing.
In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board "in compliance of SEBI interim order".
Siphoning of funds
SEBI in February barred Reliance Home Finance, Anil Ambani, and three other individuals from the securities market for allegedly siphoning off funds from the company.
The regulator also restrained Ambani and three others from "associating themselves with any intermediary registered with SEBI, any listed public company, or acting directors/promoters of any public company which intends to raise money from the public till further orders."
The two Reliance Group companies said that Rahul Sarin has been appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to approval of members at the general meeting.
The board of directors of the company unanimously reposed full trust in Ambani's leadership and invaluable contribution to steering the company through great financial challenges and towards being potentially debt-free in the course of the coming financial year, the firms said.
They added that the boards look forward to an early closure of the matter.
Rahul Sarin, 72, is a retired civil servant with a record of public service of over 35 years. At present, he is a director of Afthonia Private Limited.