Reliance Industries’ stock tanks 23 pc from its July high
The stock of Reliance Industries Limited (RIL), India's largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.
The Board of Directors of Reliance Industries Limited (RIL) has, at its meeting held on Friday based on the recommendation of the Human Resources, Nomination, and Remuneration Committee considered and recommended to the shareholders for approval the appointment of K.V. Kamath as an Independent Director of the Company for a term of five consecutive years with effect from the date of assumption of office.
The Board of Directors also approved the postal ballot notice in this regard.
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Further, Reliance Strategic Investments Limited (RSIL), a wholly-owned subsidiary of the Company has appointed K. V. Kamath as an Independent Director and non-executive Chairman.
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As intimated earlier, RSIL will be renamed as Jio Financial Services Limited (JFSL) and listed pursuant to a scheme of demerger approved by the Board of Directors for the demerger of the Financial Services Business of the Company into RSIL.
K.V. Kamath will continue as Independent Director and non-executive Chairman of JFSL upon consummation of the Scheme and listing of JFSL on stock exchanges.
Kamath is currently the Chairman of the National Bank for Financing Infrastructure and Development (NaBFID). Kamath has served as Chairman of Infosys.
In 2015, he was appointed as the first president of the New Development Bank set up by the BRICS countries from where he retired in 2020.
Under his leadership, the ICICI transformed itself into a diversified, technology-driven financial services group across banking, insurance, and asset management in India, and a global presence. He retired as Managing Director and CEO in 2009 and continued as the Chairman of ICICI Bank till 2015.
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