Reliance seeks shareholders' nod to reappoint Mukesh Ambani as CMD; check his salary here

economictimes.indiatimes.com:

Reliance Industries has sought the approval of the company's shareholders to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029 — a period during which he has opted to draw nil salary. In its latest annual report, Reliance said Ambani's remuneration for the financial year 2022-23 was «nil».

Ambani has not drawn any salary and profit-based commission for three years in a row beginning FY21, having capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to FY20; and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential. Having been on the board of the company since 1977, Ambani, 66, was elevated as chairman of the company after the death of his father and group patriarch Dhiburhai Ambani in July 2002.

As per the company law, any individual over 70 years of age for the chief executive of the company requires a special resolution by the shareholders for him to be appointed beyond that age bar. In a special resolution, Reliance sought the nod of shareholders to appoint Ambani as the head of the company till April 2029.

In the special resolution posted to shareholders, Reliance said its Board of Directors on July 21, 2023 approved «re-appointed Mukesh D. Ambani as Managing Director, for a period of 5 years from the expiry of his present term, i.e.

with effect from April 19, 2024.» In June 2020, he voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation. He continued to forgo his salary in 2021-22 as