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Mukesh Ambani resigns as Director of Reliance Jio, son Akash appointed Chairman

Mukesh Ambani resigns as Director of Reliance Jio, son Akash appointed Chairman

Further, the board at its meeting today also approved the appointment of Pankaj Mohan Pawar as Managing Director of the Reliance Jio for a period of five years.

Akash Ambani with Mukesh Ambani Akash Ambani with Mukesh Ambani

Reliance Jio announced on Tuesday that its board has approved the appointment of Akash Ambani as Chairman of the board after Mukesh Ambani resigned as the Director of the company on June 27.

Mukesh Ambani will continue to be the Chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands including Reliance Jio Infocomm.

Akash has also been appointed as the Non-executive Director of Reliance Jio. 

Further, the board at its meeting today also approved the appointment of Pankaj Mohan Pawar as Managing Director of the Reliance Jio for a period of five years commencing from June 27, 2022.

Jio, in a statement, also stated that its board has approved Raminder Singh Gujral and K.V. Chowdary, as Additional Directors of the firm. They have been designated as Independent Directors for a period of 5 (five) years commencing from June 27, 2022.

"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," the company said.

Reliance explained that Akash has been closely involved with the creation of the digital ecosystem around Jio's 4G proposition. "He was closely involved with a team of engineers in inventing and launching an India-specs focussed Jiophone in 2017 which became quite a revolutionary device to take many people out of 2G to 4G," noted the firm. 

Reliance Industries stock closed at Rs 2,529.00 apiece on BSE, 1.49 per cent higher than Monday's close. It climbed by 1.50 per cent to settle at Rs 2530.00 apiece on NSE. 

Meanwhile, recent TRAI data had shown that Reliance Jio gained 16.8 lakh mobile subscribers in April, cementing its lead in the market, while Bharti Airtel added 8.1 lakh users.