 "GEN NEXT: (From left) Reliance Industries Chairman Mukesh Ambani's children Anant Ambani, Isha Ambani and Akash Ambani at the company's 40th AGM in Mumbai on Friday. Photo: PTI")
Oil-to-telecom conglomerate Reliance Industries on Friday announced that the resolutions to appoint the third generation of the Ambani family- Isha, Akash and Anant on the company’s board was passed with more than the requisite shareholder majority.
The three resolutions were put to shareholder voting through postal ballot (e-voting), and the process closed on Thursday evening. At least two proxy advisory firms – Institutional Shareholder Services (ISS) and IiAS had earlier recommended investors vote in favour of Akash and Isha’s appointment on the board and against Anant’s appointment, citing age and experience as the concern. Anant is 28 years of age, while twins -- Isha and Akash are 31 years of age.
According to RIL’s disclosure on Friday, all three resolutions were passed with more than the requisite majority from shareholders.
The numbers show more than 98 per cent of votes were in favour of Isha and Akash’s appointment. The appointment of Mukesh Ambani’s youngest child – Anant, saw some resistance, where 7.24 per cent of the votes polled were against the resolution.
In August, RIL’s board recommended the three appointments, seen by many as the start of succession. Following this, in September, RIL informed the exchanges of a postal ballot notice seeking approval of the members of the company by way of remote e-voting for the appointment of Isha Ambani, Akash Ambani and Anant Ambani as non-executive directors of the company. The e-voting process ended on October 26 and was an ordinary resolution.
