Mukesh Ambani gets another 5 years as Chairman of Reliance, Chief Executive Officer

Ambani, 61, has been on the board of directors of Reliance Industries Ltd (RIL) since 1977 and was raised as chairman of the company after the death of his father and patriarch Dhirubhai Ambani group in July 2002.

Reliance Industries shareholders have approved giving Mukesh Ambani another five years as chairman and CEO of the company . Ambani, 61, has been a board member of Reliance Industries Ltd (RIL) since 1977 and was elevated to the company presidency after the death of his father and patriarch of the group, Dhirubhai Ambani, in July 2002.

to rename Ambani "for a period of five years, at the expiry of his current term of office, that is, with effect from 19 April 2019" at the 41st General Assembly Annual held July 5 in Mumbai. Up to 50,818 shares of crore on a total stock basis of 616.45 crore voted on the resolution, RIL said in a regulatory filing. Of the votes collected, 98.5% were in favor of the resolution while 1.48 voted against it

According to the resolution, Ambani will receive an annual salary of Rs 4.17 crore and Rs 59 lakh benefits and allowances. Pension benefits are not included in the overall compensation ceiling. He will also be entitled to a bonus based on net profits and travel, accommodation and accommodation expenses, including for his spouse and companions during business trips and the provision of car for business and communication expenses of the company. "The costs incurred by the company to ensure the safety of Shri Mukesh D Ambani and her family members should not be considered incidental benefits," she adds.

"The resolution, which was pbaded at the AGA, declared:

After the disappearance of Dhirubhai Ambani on July 6, 2012, Mukesh was elected president and CEO of RIL, while the brother Cadet Anil was elected vice-president and MD The two siblings separated in 2005 and divided the business that their father created between them.At the annual general meeting, the shareholders also allowed RIL to raise up to 20,000 crores by issuance of non-convertible debentures (NCDs) in 2018-2019, according to the regulatory filing.

RIL wants to "offer or invite subscriptions for non convertible, non convertible, non-convertible debentures. guarantees, in one or more series / tranches, of a total nominal value up to Rs 20,000 crore, in private placement, from these persons and under the terms and conditions that the Board of Directors of the company can From time in time, determine and consider the most appropriate and most beneficial. " The company did not specify where the product would be used.