Reliance Group Chairman Anil Ambani on Friday stepped down as the director of Reliance Power and Reliance Infrastructure.
The decision was made following markets regulator SEBI’s 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 with Securities and Exchange Board of India (SEBI) interim order,” Reliance Power said in a BSE filing.
Reliance Infrastructure said that Anil Ambani has stepped down from its board in compliance with SEBI’s interim order.
Reliance Home Finance Ltd, industrialist Anil Ambani, and three other individuals were forbidden from the securities market by SEBI in February for allegedly siphoning funds from the company.
The regulator said “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.