India’s richest man Mukesh Ambani’s chairmanship in the Reliance Industries has got extended, Shareholders of Reliance Industries has approved to give another 5 years to Mukesh Ambani as chairman and managing director of Reliance Industries. In the Annual General Meeting which was held on 5th July in Mumbai, this decision has been taken by the shareholders of the company.
Reliance Industries has decided to appoint Mukesh Ambani again as the position of the chairperson of the company for a period of next five years. Though, Mukesh Ambani’s present term of office as a chairperson has expired from April 19, 2019.
In the annual meeting of the Reliance Industry, the annual salary of the Mukesh Ambani was also revised and has also taken to be fixed Ambani’s annual salary.

Annual salary fixed at Rs 15 crore
For the tenth year in a row, it has been kept annual salary capped at Rs 15 crore by Mukesh Ambani.
According to the resolution of the company, the chairperson of the Reliance Industry Mukesh Ambani will be paid on the annual salary of Rs 4.17 crore and Rs 59 lakh of perquisites and allowances.
As per the latest annual report of the Reliance Industry “Remuneration of the chairman and managing director of Reliance Industry Mukesh Ambani has been set at Rs 15 crore, considering his desire to continue to set a personal example for restraint in managerial compensation levels,”
However, in the annual meeting of the Reliance Industries, no discussion was held on Retirement benefits and it is not included in the total ceiling of salary.

Ambani will get a bonus that will depend on net profits
The chairperson of the company Mukesh Ambani will also get a bonus on net profits, As per the new resolution , “expenses incurred for travelling, boarding and lodging, including for spouse and assistant during business trips and provision of cars for use on company’s business and communication expenses at residence shall be compensated at actuals and not considered as gratuity,”

Expenses on security not part of the overall ceiling on remuneration
As per the resolution, the company may be bear the expenses for providing security to Mr. Mukesh Ambani and his family members and it would not be considered as perquisites and not to be included for the purpose of computation of the overall ceiling of remuneration.”
Since 1977, 61 years old Mukesh Ambani has been on board of Reliance Industries Ltd. After the death of his father and group leader, an Indian business tycoon Dhirubhai Ambani in July 2002. Mukesh Ambani was appointed in a higher position as a Chairman of the company.