Bad news for Mukesh Ambani, as appointment of his close aide Hital Meswani, Anant Ambani as Reliance directors opposed by…

Proxy advisory firms have raised concerns over the reappointment of Hital Meswani as a whole-time director on the board of Reliance Industries Ltd (RIL). The objection is mainly over governance issues and compensation-related matters. Institutional Investor Advisory Services (IiAS) and Stakeholder Empowerment Services (SES) have both advised shareholders to vote against the resolution, reported Mint.

Who Is Hital Meswani?

Hital Meswani is Mukesh Ambani’s nephew, and executive at Reliance Industries. He is the son of Rasiklal Meswani, who was a close associate and mentor to Mukesh Ambani. Hital Meswani’s mother, Trilochana Ben, was Dhirubhai Ambani’s sister, who makes Hital Mukesh Ambani’s nephew.

Hital Meswani has been part of RIL’s leadership since 1995. He oversees operational areas like Petroleum Refining, Petrochemicals, Information Technology, and Research & Technology. He is a graduate of the University of Pennsylvania with degrees in Chemical Engineering and Economics. He is regarded as a trusted employee of the business. However, his close familial ties and long tenure have raised questions from proxy firms about potential conflicts and board independence.

Who Opposed Anant Ambani’s Appointment As Director?

According to a media report, the advisory firms have also flagged resolutions concerning the appointment of Anant Ambani and Dinesh Kanabar to the board. Anant, who was appointed Executive Director on May 1 as part of the group’s succession roadmap, currently oversees RIL’s clean energy and sustainability initiatives. He is also on the boards of Jio Platforms, Reliance Retail Ventures, and Reliance New Energy.

Despite the firm’s stated intentions of long-term planning and continuity, the proxy firms argue that shareholder interests must remain prioritized and also urged greater scrutiny of executive appointments, especially when family members are involved.

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