The Board of Directors of Reliance Power Limited unanimously reposed full trust in Mr. Ambani's leadership and invaluable contribution to steering the Company through great financial challenges and towards being potentially debt free in the course of the coming financial year.
The Board looks forward to an early closure of the matter and inviting Mr. Ambani back to provide his vision and leadership to the Company in the interest of all stakeholders.
The Board noted that during the past 1 year the Company has created immense value for its over 36 lakh shareholders with stock price increasing from a low of Rs. 4 to a high of Rs. 19 (375%).
The board also appointed as an Additional Director in the capacity of Independent Director for a term of 5 consecutive years subject to approval of members at the General Meeting.
Mr. Rahul Sarin, aged 72 years, a civil servant with a distinguished record of public service of over thirty five years, retired as Secretary to Government of India. This experience was buttressed by five years of judicial experience after superannuation as Member, Competition Appellate Tribunal and Airport Economic Regulatory Authority Appellate Tribunal. His diverse experience of field level assignments and top management positions in State and Central Government, Public Sector, together with a foreign assignment and exposure of working with international organisations has given him an invaluable insight. From his experience he has gained a clear vision of the intricacies and challenges of public decision making and the dynamics of the policy space of socio-economic transformation. He has also been at the forefront of the two evolving regimes of economic regulation in their very first five years of their inception in 2009. While it is imperative that economic regulation be subject to judicial review based on the overarching principles of legality, fairness, reasonability and the integrity of the judicial process, at the same time it is essential to recognize the perils of over enforcement leading to chilling effects on the economy.
Mr. Sarin has published two books: Development Perspectives in 2016 and China's Agriculture and Political Economy in 2017.
At present Mr. Sarin is a director of Afthonia Private Limited.
Shares of Reliance Power Limited was last trading in BSE at Rs. 12.99 as compared to the previous close of Rs. 13.02. The total number of shares traded during the day was 5079828 in over 6266 trades.
The stock hit an intraday high of Rs. 13.44 and intraday low of 12.90. The net turnover during the day was Rs. 66983349.00.