NEW DELHI: Reliance Industries has sought shareholders' nod to give Mukesh Ambani every other five years as the Chairman and Managing Director of the corporate.
Ambani, 61, has been at the board of Reliance Industries Ltd (RIL) since 1977 and used to be increased as Chairman of the corporate after the death of his father and crew patriarch Dhirubhai Ambani in July 2002.
The company has in a shareholder realize for the 41st Annual General Meeting to be held on July 5 in Mumbai, moved a resolution to re-appoint Ambani "for a period of five years, on expiry of his present term of office, i.e. with effect from April 19, 2019".
The realize stated he would be paid an annual salary of Rs 4.17 crore and Rs 59 lakh of perquisites and allowances. Retirement benefits don't seem to be integrated within the overall ceiling of remuneration.
He would also be entitled to obtain bonus in line with internet earnings and "expenses incurred for travelling, boarding and lodging, including for spouse and attendant(s) during business trips and provision of car(s) for use on company's business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites," it stated.
Also, "the expenses, as may be borne by the company for providing security to Shri Mukesh D Ambani and his family members shall not be considered as perquisites and accordingly, not to be included for the purpose of computation of the overall ceiling of remuneration," the attention stated.
After Dhirubhai Ambani's dying on July 6, 2012, Mukesh used to be elected Chairman and Managing Director of RIL, whilst younger brother Anil used to be elected Vice Chairman and MD.
The two siblings parted ways in 2005 and divided the industry their father created between them.
RIL has also sought shareholder approval to boost up to Rs 20,000 crore via a non-convertible debenture (NCD) factor in 2018-19, according to the attention.
RIL wants to "offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, of an aggregate nominal value up to Rs 20,000 crore, on private placement, from such persons and on such terms and conditions as the Board of Directors of the company may, from time to time, determine and consider proper and most beneficial".
The company didn't say the place the proceeds will probably be utilised.
Ambani, 61, has been at the board of Reliance Industries Ltd (RIL) since 1977 and used to be increased as Chairman of the corporate after the death of his father and crew patriarch Dhirubhai Ambani in July 2002.
The company has in a shareholder realize for the 41st Annual General Meeting to be held on July 5 in Mumbai, moved a resolution to re-appoint Ambani "for a period of five years, on expiry of his present term of office, i.e. with effect from April 19, 2019".
The realize stated he would be paid an annual salary of Rs 4.17 crore and Rs 59 lakh of perquisites and allowances. Retirement benefits don't seem to be integrated within the overall ceiling of remuneration.
He would also be entitled to obtain bonus in line with internet earnings and "expenses incurred for travelling, boarding and lodging, including for spouse and attendant(s) during business trips and provision of car(s) for use on company's business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites," it stated.
Also, "the expenses, as may be borne by the company for providing security to Shri Mukesh D Ambani and his family members shall not be considered as perquisites and accordingly, not to be included for the purpose of computation of the overall ceiling of remuneration," the attention stated.
After Dhirubhai Ambani's dying on July 6, 2012, Mukesh used to be elected Chairman and Managing Director of RIL, whilst younger brother Anil used to be elected Vice Chairman and MD.
The two siblings parted ways in 2005 and divided the industry their father created between them.
RIL has also sought shareholder approval to boost up to Rs 20,000 crore via a non-convertible debenture (NCD) factor in 2018-19, according to the attention.
RIL wants to "offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, of an aggregate nominal value up to Rs 20,000 crore, on private placement, from such persons and on such terms and conditions as the Board of Directors of the company may, from time to time, determine and consider proper and most beneficial".
The company didn't say the place the proceeds will probably be utilised.
Reliance Industries seeks extending Mukesh Ambani's term by 5 years
![Reliance Industries seeks extending Mukesh Ambani's term by 5 years]()
Reviewed by Kailash
on
June 09, 2018
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