Isha Ambani became the director of Jio Financial Services

Jackson Brown

Jio Financial Services Limited: Industrialist Mukesh Ambani’s daughter Isha and former Comptroller and Auditor General (CAG) Rajiv Mehrishi have been inducted on the board of directors of the financial services company spun out from Reliance Industries Ltd (RIL).

Reliance had earlier announced the demerger of its financial services venture Reliance Strategic Investments Limited (RSIL) and renaming it for listing as Jio Financial Services Limited (JFSL).

The company said in a notice given to the stock market on Saturday that while July 1 has been fixed as the effective date for separation of the company, July 20 has been fixed as the date for allotting shares of the new company.

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The board of directors of the new company, in its meeting held on July 7, approved the appointment of new directors. Isha Mukesh Ambani has been appointed as the non-executive director. Reliance executive Anshuman Thakur has also been made non-executive director.

The company said former bureaucrat Rajeev Mehrishi, who was Home Secretary and CAG, has been appointed as an independent director in RSIL for five years. Indian Banks Association chief executive Sunil Mehta and chartered accountant Bimal Manu Tanna, who worked with PwC, have also been appointed as independent directors.

Banker Hitesh Kumar Sethia has been appointed as the Managing Director and Chief Executive Officer of RSIL for three years. The company will provide loans to consumers and businesses based on property data analysis.

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Later it will also offer insurance, payments, digital broking and asset management services. Each shareholder of Reliance will get one share of the new firm for every one share of the parent company.
Chetan Gour (Language)

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