Home / Business and Economy / Anil Ambani Quits Boards Amidst Intensifying Probes
Anil Ambani Quits Boards Amidst Intensifying Probes
21 Nov
Summary
- Anil Ambani resigned from all listed companies' boards in 2022.
- Flagship firms Reliance Infra and Power distance themselves.
- Companies cite resolution processes and promoter's resignation years ago.
Anil Ambani is strategically distancing himself from his Reliance ADAG group's flagship companies amidst intensifying investigations by the Enforcement Directorate (ED), CBI, SEBI, and RBI. He stepped down from the boards of all his listed companies in 2022, a move that now appears more deliberate than mandated.
Recent summons by the ED for alleged financial irregularities and FEMA probes have led to group companies emphasizing their separation from Ambani. Reliance Infrastructure and Reliance Power have stated that Ambani has not served on their boards for over three and a half years, and in some cases, much longer. These companies have undergone resolutions, with new management taking over.
Despite these efforts, the future remains uncertain for Anil Ambani, with his reputation and finances tarnished. His formerly flagship company, Reliance Capital, has already been lost. The performance of Reliance Infrastructure and Reliance Power shares has also seen significant declines this year, indicating challenges ahead.
