Reliance backs appointment of Aramco chairman on board

MUMBAI: Billionaire Mukesh Ambani's Reliance Industries Ltd on Wednesday defended the appointment of Saudi Aramco Chairman Yasir AlRumayyan on the company board, saying all regulatory criteria for his appointment as an independent director were met, pending shareholder approval on the decision.

The California State Teachers' Retirement System (CalSTRS), a shareholder of Reliance, had last week decided to vote against the move based on US proxy advisory research firm Glass Lewis' recommendation.

The voting to confirm AlRumayyan's appointment for a period of three years will end on October 19.

In a stock exchange filing, Reliance said the appointment will "help strengthen the Board's diversity and skill-sets and benefit Reliance

NEW DELHI:

Sebi has disposed of adjudication proceedings against Reliance Industries Ltd for failure to disclose correct diluted earnings per share in its financial statements for six consecutive quarters ended September 2008.

No penalty has been levied. Around five years ago, a show cause notice was sent to RIL for its alleged failure to make correct disclosure of diluted earnings per share.

through the transition from oil to chemicals and the aim to achieve Net Carbon Zero by 2035."

The board had made the appointment based on the recommendation of the Human Resources, Nomination and Remuneration (HRNR) Committee and pursuant to the provisions of the Companies Act, and the same was announced at the annual shareholders meeting in June.

The appointment has taken effect from July 19, 2021, for a term of three years. "The law (Indian Companies Act, 2013) and the regulations prescribed by SEBI, the Indian Securities Regulator, lay down stringent criteria for independence for appointment as independent directors of a listed company like RIL. His Excellency Yasir Al Rumayyan satisfies everyone of this criteria laid down in the law and regulations."

Sebi ends proceedings in disclosure case