Mumbai: As Reliance Industries (RIL) held its 42nd Annual General Meeting here on Monday, one of its veteran board members and the first independent director of the company M.L. Bhakta retired.
The 79-year old advocate has been on the RIL board for 1977 and seen the company's rise from just a petrochemical firm to one which now has massive market share in the country's telecom, petroleum and retail business.
Previously in two occasions, he had offered to resign - in 2004 and 2013 - but agreed to stay back at the request of RIL Chairman Mukesh Ambani.
In 2004, Bhakta offered to resign when the company split between the two brothers, Mukesh and Anil Ambani, but withdrew his resignation reportedly on the request of the RIL Chairman. Again in 2013, Mukesh Ambani had to intervene and ask him to withdraw his resignation.
Bhakta has served on the board of several companies over the years, including Larsen & Toubro, Bennett Coleman & Co and Ambuja Cements Ltd.