Shareholders Approve Appointment Of Ambani Scions Akash, Isha And Anant On Reliance Industries Board

Isha and Akash (32), got over 98 per cent of votes for being appointed on RIL board, while Anant (28), secured 92.75 per cent votes

Shareholders of Indian comglomerate Reliance Industries (RIL) have given approval to the appointment of Ambani scions Akash, Isha, and Anant on board of RIL as company's non-executive directors, the company on Friday informed the stock exchange. According to the filing,  Isha and Akash (32), got over 98 per cent of votes for being appointed on RIL board, while Anant (28), secured 92.75 per cent votes.

Reliance in a regulatory filing said, "The said resolutions have been passed with more than requisite majority on October 26, 2023." 

The appointments are line with gradually promoting Isha, Akash, and Anant to head different businesses verticals within the Reliance Industries. In December 2021, RIL Chairman Mukesh Ambani had hinted at the leadership transition at the conglomerate.

On the other hand, the board of directors had also accepted the resignation of Nita Ambani.

Akash, Isha, and Anant have been on the board of the operating companies. However, this is the first time the siblings have been appointed on RIL board . 

According to news reports, US Ivy League university-educated Ambani scions have been groomed for leadership positions at three RIL units, oil to chemicals, telecoms, and retail, in the past few years.

While retail and digital services are housed in separate wholly-owned subsidiaries, the oil-to-chemical or O2C business is a functional division of Reliance. The new energy business is also with the parent firm. The three businesses are almost equal in size.

Previously, institutional Shareholder Services Inc., a global proxy advisory company, has recommended that shareholders vote against the proposal to appoint Mukesh Ambani's youngest son, Anant Ambani, on the board of the family-controlled conglomerate, news agency Bloomberg said. According to the report, ISS's objections echo the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that "at 28 years of age", appointment of the young Ambani scion "does not align with our voting guidelines.” IIAS has supported the proposals seeking to elect Isha and Akash.

At 12.45, shares of Reliance Industries were trading at Rs 2262,20 apiece, up 1.62 per cent, on the BSE on Friday.