Ashok Misra on board, Kohli gets another term

Reliance Industries today appointed Ashok Misra, a member of the governing board of IIT Bombay, as an independent director and reappointed H S Kohli, an executive director, for another term amid opposition by the vice chairman and managing director Anil Ambani.

The younger Ambani opposed the resolution pertaining to the appointment of Misra stating that the procedure of the proposal was not proper.

It is learnt that Anil Ambani said at the board meeting that the chairman and managing director Mukesh Ambani proposed Misra's name without consulting with him or other directors.

On extension of Kohli's term as director for another five years, Anil had proposed that board should appreciate his services to the company but someone young should be brought in his place considering his age.

Kohli is 70 years old. Kohli will be appointed for five years with effect from April 1, 2005

It is learnt that Anil Ambani wanted representation of a younger person, in Kokli's place, from the company to provide "recognition, motivation and inspiration for the people of Reliance". He was, however, overruled.

Howver, Anil Ambani did not oppose a resolution pertaining to re-appointment of Hital R Meswani as an executive directors for five years with effect from August 3, 2005. All the resolutions will be placed before the shareholders at the next annual general meeting.