K V Kamath becomes an independent director for Reliance Industries
- ByStartupStory | November 7, 2022
K V Kamath was appointed by Reliance Industries as an independent director of the firm for a period of five years on Friday.
The appointment of Shri K. V. Kamath as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from the date of Shri K. V. Kamath’s assumption of office has been considered by the Board of Directors at its meeting today, based on the recommendation of the human resources, nomination, and remuneration committee, and has been recommended to the shareholders for approval, the company said in its filing.
KV Kamath has also been appointed to the positions of non-executive Chairman and Independent Director for Reliance Strategic Investment Limited (RSIL).The board of directors has approved the demerger plan for the financial services division, and RSIL will now be known as Jio Financial Services Limited (“JFSL”).
In an effort to meet the rising demand for modern financial services for retail and small-enterprise consumers, Reliance Industries Ltd (RIL) announced last month that it will demerge its financial services sector and float it separately on stock exchanges under Jio Financial Services Ltd.Investors in RIL will exchange one share for one equity share in JFSL.
The National Bank for Financing Infrastructure and Development’s chairman, KV Kamath, approved the scheme of arrangement between RIL, Reliance Strategic Investments Limited (RSIL), and their respective shareholders and creditors at its meeting today, according to a statement. RIL will demerge its financial services undertaking into RSIL, which will be renamed Jio Financial Services Limited (JFSL) (NaBFID).
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