If implemented as per schedule, SEBI's directive on the separation of the Chairman and Managing Director posts could mean that Reliance Industries Limited (RIL) could get a new MD by 1 April 2022.
Mukesh Ambani, who is currently the chairman and MD of the oil-to-telecom conglomerate will likely become the non-executive chairman while a non-Ambani will take charge as the MD for the first time in the company's history.
While SEBI mandated to separate the roles of chairman and managing director/CEO of all listed entitled by April 1, the directive excluded family members and relatives from taking up the MD position.
As per Companies Act of 1956, relative includes spouse, father, mother (including stepmother), son (including step-son), son's wife, daughter (including step-daughter), father's father, father's mother, mother's mother, mother's father, son's son, son's son's wife, son's daughter, son's daughter's husband, daughter's husband, daughter's son, daughter's son's wife, daughter's daughter, daughter's daughter's husband, brother (including step-brother), brother's wife, sister (including step-sister) and sister's husband.
It, however, does not include cousins. Currently, Executive Director Nikhil Meswani or his younger brother Hital are been being suspected to take the role of MD. The Meswanis are Mukesh Ambani's cousins and on the RIL board since the mid to late 90s.
Manoj Modi, who virtually the CEO of the company at present and Mukesh Ambani's closest aide could also take over. He is not on the board of RIL but has lead several new projects for the conglomerate across its various businesses. He is on the board of Reliance Jio Infocomm.
Modi has been instrumental in the Group's re-entry into the telecommunications business and is leading the implementation of a pan-India organized retail network spanning multiple formats and supply chain infrastructure.