Mumbai, Mukesh Ambani will remain the Chairman and Managing Director of Reliance Industries Limited (RIL) for five years. The company’s shareholders have approved the proposal to increase Mukesh Ambani’s tenure for five years. Ambani has been involved in the company’s board of directors since 1977. After the death of the founder of Reliance Group and his father Dhirubhai Ambani in July 2002, he was appointed chairman of the company. In the 41st Annual General Meeting of the company in Mumbai, its current tenure has been approved and the extension of five years.
The present tenure of Mukesh Ambani ends in April 2019. According to the information sent to the company’s stock exchange, in favor of the resolution of 98.5 per cent of the total votes cast on Mukesh Ambani’s proposal to extend the tenure of the term to five years. According to the proposal, Ambani will get salary of Rs 4.17 crores annually and allowances of Rs 59 lakhs. This does not include retirement benefits. The company said that they will get bonuses based on net profits. At the same time, during the business trip, the company will take the journey of Ambani’s stay and with the family and assistants.
The company will also carry car, home phone and internet expenses for them. The security expenditure of Ambani and his family will not be included in the allowance and the company will bear them. In the Annual General Meeting, shareholders also approved to raise capital of Rs 20,000 crore in 2018-19 through non-convertible debentures. However, the company did not tell where this amount would be used.