Anil Ambani Resigns from the Board of Reliance Power and Reliance Infrastructure

On Friday, Anil Ambani resigned from the board of Reliance Power and Reliance Infrastructure. He was a non-executive director at both entities. In the month of February, the market regulator, Securities, and Exchange Board of India (SEBI) restricted him from associating with any listed company. In a Bombay Stock Exchange (BSE) filing, Reliance Power said: "Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order." In a different BSE filing, Reliance Infrastructure informed that Anil Ambani has stepped down from its board "in compliance of SEBI interim order". Anil Ambani along with three other executives was restricted by SEBI from the security market for allegedly siphoning off funds from the company. SEBI further restricted them "associating themselves with any intermediary registered with Sebi, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public till further orders." Rahul Sarin has been appointed as an Additional Director of both the companies. He has been appointed in the capacity of Independent Director for a term of five years.