Reliance Industries seeks shareholder nod to make Ambani head on zero salary for next five years
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In a special resolution, Reliance has sought shareholders’ approval to appoint Ambani as the company’s chairman by April 2029. 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.
New Delhi. Reliance Industries Ltd has sought shareholders’ approval to appoint Mukesh Ambani as the company’s chairman and managing director (CMD) for the next five years with zero pay. During this new term, Ambani (66) will cross the age limit of 70 years 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. 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 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. The resolution said that Ambani had fixed his annual remuneration at Rs 15 crore from FY 2008-09 to FY 2019-20. Thereafter, from the financial year 2020-21 onwards, he opted to forego his salary due to the COVID-19 pandemic. He has not been paid any salary and profit-based commission for three consecutive years from FY 2020-21. The resolution said, “At the request of Ambani, the board has recommended that no salary or profit-based commission be paid to him for the proposed period from April 19, 2024 to April 18, 2029.”
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