In a significant development, Reliance Group Chairman Anil Ambani has resigned to his positions in the company as director of Reliance Power and Reliance Infrastructure.
This move came after the markets regulator SEBI’s order preventing him from associating with any listed company.
“Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order,” Reliance Power said.
Sebi in February barred Reliance Home Finance Ltd, Anil and three other individuals from the securities market for allegedly mishandling funds from the company.
The regulator also restrained the top billionaire and three others from “associating themselves with any intermediary registered with Sebi, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public till further orders.”