Reliance Jio Infocomm Limited, the digital arm of Reliance Industries on Tuesday announced that Ambani would resign as the director of the company effective from June 27.

The company said that it had appointed Akash Ambani, the son of Mukesh Ambani and a non-executive director as the chairman of the board.

The position of managing director of the company will be taken over by Pankaj Mohan Pawar from June 27.

According to a statement, the board of directors approved the appointment of Raminder Singh Gujral and KV Chowdary as additional directors of the company, designated as independent directors for five years from June 27, 2022, subject to approval of the shareholders, during the meeting held yesterday.

The board approved the appointment of Pankaj Mohan Pawar as the managing director of the company for five years awaiting approval of shareholders.

During the meeting, the board also took notice of Mukesh D Ambani’s resignation as director of the company effective from the end of working hours on June 27, 2022.

Lastly, the appointment of Akash M Ambani as the chairman of the board of directors of the company was also approved during the meeting.

The company said in a regulatory filing, “In accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, we hereby confirm that Raminder Singh Gujral and KV Chowdary are not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other such authority.”

It may be noted that the shares of the Reliance Industries closed at Rs 2,529.00 on BSE 1.49 per cent higher than yesterday’s closing price. It rose by 1.50 per cent to close at Rs 2,530 apiece.