Reliance Industries Ltd (RIL) could get a new Managing Director soon if the directive by the Securities and Exchange Board of India (SEBI) on separation of the Chairman and Managing Director posts is implemented as per schedule on April 1.
Mukesh Ambani, CMD of RIL will become the non-executive Chairman while a non-Ambani may become RIL's MD for the first time in the company's history.
While there is buzz around RIL Executive Director Nikhil Meswani's name, Mukesh Ambani's confidante and right hand man, Manoj Modi, who is virtually CEO of the company would be a natural choice.
The other two Executive Directors, Nikhil's younger brother, Hital and P.M.S. Prasad would also be on the probables list.
The Meswanis have been on the RIL board since mid to late 90s and are Mukesh Ambani's cousins. Their father, Rasiklal Meswani was one of the founder directors when Dhirubhai Ambani founded RIL.
Manoj Modi is not on the RIL board and does not hold a designated senior executive position but by all accounts has been one of the most important persons in RIL hierarchy.
A questionnaire sent to RIL by IANS did not receive any response.
SEBI has mandated to separate the roles of chairman and MD/CEO of all listed entitled by April 1.
The directive excludes family members and relatives from taking up the MD position.
The meaning of relative as defined in Section 6 of the Companies act, 1956 defines the particular relationships: "A person shall be deemed to be a relative if and only if, they are members of the Hindu undivided family, they are husband and wife or the one is related to the other in the manner indicated in Schedule 1A.