The shareholders of Reliance Industries (RIL) have approved the appointment of the children of Mukesh Ambani – Isha Ambani, Akash Ambani and Anant Ambani as the company’s non-executive directors, the firm announced in a BSE exchange. The resolutions were passed through postal ballot.

The filing also informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant’s appointment saw some pushback with over 7 percent votes against the resolution but still almost 93 percent voted were in favour. Last year, Mukesh Ambani made way for his first-born Akash Ambani, to become the chairman of India’s largest mobile firm, . Meanwhile, Isha was given Reliance’s retail arm and Anant, the new energy business. However, as per a , Institutional Shareholder Services Inc., an international proxy advisory firm, has recommended that shareholders vote against the proposal to appoint billionaire Mukesh Ambani’s youngest son, Anant Ambani. “A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board,” ISS had said. Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote. ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age,” appointment of the young Ambani scion “does not align with our voting guidelines.” The company is also going to announce its later today. After a subdued show in the April-June quarter, the September quarter (Q2) earnings of India’s diversified behemoth Reliance Industries (RIL) is expected to show healthy year-on-year (YoY) growth in profit and EBITDA (earnings before interest, taxes, depreciation, and amortization) led by decent growth in oil to chemicals (O2C) segment as well as telecom and retail. In Q1FY24, the company witnessed a 10.8 percent decline in its net profit at 16,011 crore, while revenue from operations fell 4.69 percent to 2,31,132 crore. BSE “Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights!”