Reliance Industries seeks extension of Mukesh Ambani's term by 5 years
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Reliance Industries has sought shareholders' nod to give Mukesh Ambani another five years as the chairman and managing director of the company.
Ambani, 61, has been on the board of Reliance Industries Ltd (RIL) since 1977 and was elevated as Chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002.
The company has in a shareholder notice for the 41st Annual General Meeting to be held on July 5 in Mumbai, moved a resolution to re-appoint Ambani "for a period of five years, on expiry of his present term of office, i.e. with effect from April 19, 2019".
The notice said he would be paid an annual salary of Rs 41.7 million and Rs 5.9 million of perquisites and allowances. Retirement benefits are not included in the overall ceiling of remuneration.
He would also be entitled to receive bonus based on net profits and "expenses incurred for travelling, boarding and lodging, including for spouse and attendant(s) during business trips and provision of car(s) for use on company's business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites," it said.
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