Anil Ambani's sons Anmol, Anshu step down from Reliance Infra board

Four months after joining the board of directors for Reliance Infrastructure, Anil Ambani's sons, Anmol and Anshul Ambani, have resigned from the board.

Anil Ambani-led Reliance Infrastructure on Saturday informed the exchanges that Anmol Ambani and Anshul Ambani have resigned from the board of the company, effective January 31. The company, however, did not disclose the reason behind the development.

Reliance Group Chairman Anil Ambani's sons had joined the board of Reliance Infrastructure as non-executive directors on October 9, 2019. Along with them, Lt General (Retd) Syed Ata Hasnain has also been inducted into the board as an Independent Director.

Also Read: Anil Ambani's sons, Anmol and Anshul, join Reliance Infra board as directors

It is notable that several shareholders had demanded Anmol and Anshul should be introduced to the board of power and infrastructure companies of Reliance Group during the Reliance Group AGM on September 30, 2019. This was the same AGM where Anil Ambani had announced that his company would bow out of the lending business.

Reacting to the news, share price of Reliance Infrastructure declined as much as 4.80 per cent to hit an intraday low of Rs 19.85 on the Bombay Stock Exchange. The stock was trading merely 1.85 points away from the 52-week low of 18 touched on 17 October 2019. In a similar trend, shares of Reliance Capital and Reliance Home Finance have also hit their respective all time low today.

Also Read: Shareholders want Anil Ambani's sons on the Board

Anmol, 27, has a degree in Management from Warwick Business School, RInfra stated. As an executive director at Reliance Capital, he has been overseeing the financial services businesses after he joined its board in August 2016.

Anshul, 24, joined the Reliance Group in January 2019 after completing his undergraduate degree in Business Management from New York University's Stern School of Business. He has been actively involved in all operations of Reliance Infrastructure, including a special focus on the defence business, working closely with his father, Anil Ambani, and with Punit Garg, Executive Director and CEO.

By Chitranjan Kumar