Billionaire Mukesh Ambani’s three children – Isha Ambani, Akash Ambani and Anant Ambani – will not get any salary as directors of Reliance Industries (RIL). A fee will be paid to attend their board and committee meetings in accordance with a resolution submitted by the company seeking shareholders’ approval for their appointment to the board as non-executive directors.
India’s richest man Mukesh Ambani has been drawing zero salaries since FY21 and will continue to do the same for the next five years. “They shall be remunerated by way of remuneration for attending Board or Committee meetings or any other meetings decided by the Board, reimbursement of expenses for attendance at Board and other meetings and profit-related commissions in limit prescribed under Section 197 of the Act” the resolution filing noted. Currently, the three younger Ambanis hold 0.12% equity shares (each) in RIL. In addition to the above, Mukesh Ambani, Nita Ambani, Isha Ambani, Akash Ambani and Anant Ambani, through entities controlled by them, hold 41.46% equity shares in the Company.
The appointment of the three Ambanis comes as the company (in terms of M-Cap) announced a succession plan where Akash will head Telecom, Isha will head Retail and Anant will lead New Energy. Mukesh Ambani has not revealed succession plans for the oil-to-chemicals or O2C business divisions.
