Mukesh Ambani gets another 5 years as Reliance Chairman

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New Delhi,JUL 07:
Shareholders of Reliance Industries have approved giving Mukesh Ambani another five years as the Chairman and Managing Director of the company.
Ambani, 61, has been on the board of Reliance Industries Ltd (RIL) since 1977 and was elevated as Chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002.
The company put a resolution to re-appoint Ambani “for a period of five years, on expiry of his present term of office, i e with effect from April 19, 2019” at the 41st Annual General Meeting held on July 5 in Mumbai.As many as 50,818 crore shares out of a total share base of 616.45 crore voted on the resolution, RIL said in a regulatory filing. Of the votes polled, 98.5 per cent were in favour of the resolution while 1.48 voted against it.According to the resolution, Ambani will be paid an annual salary of Rs 4.17 crore and Rs 59 lakh of perquisites and allowances. Retirement benefits are not included in the overall ceiling of remuneration.

Also, “the expenses, as may be borne by the company for providing security to Shri Mukesh D Ambani and his family members shall not be considered as perquisites and accordingly, not to be included for the purpose of computation of the overall ceiling of remuneration,” the resolution, which was carried at the AGM, said.
After Dhirubhai Ambani’s demise on July 6, 2012, Mukesh was elected Chairman and Managing Director of RIL, while younger brother Anil was elected Vice Chairman and MD.

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