Reliance seeks shareholder nod to appoint Ambani as head for another 5 years at nil salary

New Delhi, August 2023.

Reliance Industries Ltd, India’s most valuable company, has sought shareholder’s approval 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.

Ambani, 66, will cross the company law-mandated 70 years age for the chief executive of the company and 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.