Reliance Jio Infocomm Ltd, the digital arm of Indian conglomerate led by Mukesh Ambani’s Reliance Industries Ltd, on Tuesday announced that Ambani would resign as the director of the company effective from June 27.

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It is reported that the firm had appointed non-executive director and Ambani’s son Akash Ambani as the chairman of the board.

It also said that Pankaj Mohan Pawar will take over as the Managing Director of the company from June 27.

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The Board of Directors have at their meeting held on June 27, 2022:

(a) approved the appointment of Raminder Singh Gujral and KV Chowdary, as Additional Directors of the Company, designated as Independent Directors for a period of 5 (five) years commencing from 27 June, 2022, subject to approval of the shareholders

(b) approved the appointment of Pankaj Mohan Pawar as Managing Director of the Company for a period of five (5) years commencing from 27 June, 2022, subject to approval of the shareholders

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(c) noted the resignation of Mukesh D Ambani as Director of the Company effective from close of working hours on 27 June, 2022

(d) approved the appointment of Akash M Ambani, Non-executive Director as Chairman of the Board of Directors of the Company.

In a regulatory filing, the company said, “In accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, we hereby confirm that Raminder Singh Gujral and KV Chowdary are not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other such authority.”

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Shares of Reliance Industries closed at 2,529.00 apiece on BSE, 1.49% higher than yesterday’s close. At the NSE, it climbed by 1.50% to settle at Rs 2530.00 apiece.