Mukesh Ambani Salary: Mukesh Ambani will work for five years without salary! Know what is Reliance’s plan
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Mukesh Ambani Salary: Reliance Industries Limited (RIL) Chairman Mukesh Ambani (Mukesh Ambani) Chairman and Managing Director of the company even at the age of 66 (CMD) has sought the approval of the shareholders for the appointment. The great thing is that he has offered to work in the company without salary for the next five years. Before this, he has been working in the company for three years without salary. During this new term, Ambani will cross the 70-year age limit required under the Companies Act for the post of chief executive and further appointment requires a special resolution of the shareholders. In a special resolution, Reliance has sought shareholders’ approval to appoint Ambani as the company’s chairman by April 2029.
After the death of Dhirubhai Ambani became the chairman of the company
Ambani has been on the board of directors of Reliance since 1977 and became the company’s chairman in July 2002 after the death of his father and group founder Dhirubhai Ambani. In a special resolution sent to shareholders, Reliance said that its board of directors has approved the appointment of Mukesh Ambani as Managing Director for a further five years with effect from July 21, 2023. It was said in the proposal that Ambani had fixed his annual remuneration from the financial year 2008-09 to the financial year 2019-20 at Rs 15 crore. After this, from the financial year 2020-21 onwards, he opted to forego his salary due to the Kovid-19 pandemic. He has not been paid any salary and profit-based commission for three consecutive years from FY 2020-21. The resolution said that at the request of Ambani, the board has recommended that he will not be paid any salary or profit-based commission for the proposed period from April 19, 2024 to April 18, 2029.
Reliance Retail crossed the figure of one billion transactions in the last financial year
Reliance Retail crossed the one billion transaction mark in the financial year 2022-23. This information was given in the annual report of Reliance Industries. Reliance Retail’s digital commerce and new commerce businesses contributed 18 per cent to its Rs 2.60 lakh crore revenue in FY 2022-23. The company opened 3,300 new stores during the period under review. Now it has a total of 18,040 shops. According to the annual report of Reliance Industries, in the financial year 2022-23, the business crossed the one billion transaction mark with an increase of 42 percent on an annual basis. More than 78 crore customers came to the shops, which is 50 percent more on an annual basis.
Reliance eyes financial services, new energy business after retail, telecom
After building India’s largest retailer and telecom operator in a short span of time, billionaire Mukesh Ambani is now eyeing expansion into the country’s largest non-banking lender through his financial services company Jio Financial Services Limited (JFSL). . In the recent annual report of Reliance Industries Limited, Ambani said that the skills of Jio Financial Services (JFS) Limited, digital and retail businesses will be leveraged. He said that the company will take advantage of Reliance’s technical capabilities. Ambani said that the entity providing digital financial services will provide access to financial services to Indian citizens. It is expected to be listed soon. Guidance on this can be found in Reliance’s annual shareholders’ meeting on August 28. JFS holds 6.1 per cent stake in Reliance. The company had announced a partnership with BlackRock last month to set up a joint venture.
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