Anant Ambani and his siblings have been approved to take over the Reliance Board as non-executive directors. the firm announced in a BSE exchange filing on Friday. The resolutions were passed through postal ballot.
The filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant’s appointment saw some pushback with over 7 percent votes against the resolution but almost 93 percent were in favour.
Why is it a huge thing for Anant Ambani?
The other Ambani siblings had taken their baton from their father already. Akash Ambani was handling JIO and other associated businesses and Isha Ambani was taking care Reliance’s retail arm. The youngest Ambani heir faced some resistance from the Board members on the advice of the Proxy or Advisory firms. Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote. The major concern for the Board members was Anant’s limited experience and lack of leadership skills.
What changes are anticipated after the appointment of next-gen Ambanis?
Reliance hopes to change the course of administration within and make it prepared for the upcoming generation Mukesh Ambani in an interview revealed his plans of guiding his kids to transform Reliance into the biggest telecom space and green-energy sources in India and worldwide, only then announce retirement from the company.
As of now, after the latest appointments, Nita Ambani will step down and the announcement will be confirmed in the upcoming Reliance Annual General Meeting (AGM). She will continue to remain the Chairperson of the Reliance Foundation. As Chairperson, she will continue to attend Reliance Industries’ board meetings as a permanent invitee on all meetings.
The succession plan was in the works since a couple of years now. It has been planned and drafted very sharply from the senior Ambani himself.
India needs young leaders to step up
India currently is in a position where the innovation, hard-work and vision of the youth will shape the highly anticipated successful future of the biggest democracy in the world. India has the highest number of youngsters who are desperate to take over and pave their way.
Leadership changes in the biggest Indian company influences enormous amount of country-men to give the ropes to the new generation, the generation of the new India.
What was started by Dhirubhai Ambani was expanded by Mukesh & Anil Ambani, will the next generation Ambanis be able to cultivate on the field set up by their parents?