Ambani's Children Will Not Draw Any Salary, Only Fees For Attending Board Meetings (Image: twitter.com/reliancejio)

Reliance’s Mukesh Ambani’s Children — Akash, Isha and Anant — will not be paid any salary, but to receive only a sitting fee and a commission on the profit earned by Reliance Industries for attending board meetings. This would be the arrangement for Akash (31) and Isha (31) and Anant (28), as Directors of Reliance Industries, the company communicated in a resolution, seeking the shareholders go-ahead for the appointment through a postal ballot.

In the postal ballot notice for considering and passing the resolution, the timings for casting the postal ballot through e-voting process have been given, which would commence on September 27, 2023 and would end on October 26, 2023.

The appointment would be on similar terms to that of Nita Ambani, when appointed in the year 2014. As per the company’s annual report, she has earned Rs. 6 lakh as sitting fee and Rs. 2 crore as a commission in the year 2022-2023. In the annual meeting, last month, her resignation from the board was announced.

The notice on postal ballot for the shareholders read, “they shall be paid remuneration by way of fee for attending meetings of the Board or Committees thereof or for any other meetings as may be decided by the Board, reimbursement of expenses for participating in the Board and other meetings and profit- commission.”

Since 2020-2021, Mukesh Ambani (66) has not drawn salary from the company while the other executive directors are paid a salary, prerequisites, allowances and commission, which includes his cousins Nikhil Meswani and Hital Meswani.

The company had held its annual general meeting last month, in August, where, Mukesh Ambani had announced succession plans, the induction of Akash, Isha and Anant into the Board of Directors. In the meeting, he had also said that he would continue for five more years as the Chairman and MD of Reliance Industries Limited, with a focus on guiding the next generation of the company.

Reliance Industries includes, oil-to-chemical (O2C) business, petrochemical plants, telecom and digital business, retail business, energy, and newly launched financial services. Mukesh Ambani had earlier announced that the telecom vertical would be headed by Akash Ambani, Retail business would be headed by Isha Ambani and Anant Ambani would take over energy.