The 30th annual general meeting of Anil Dhirubhai Ambani-controlled Reliance Capital — which has a net worth of $2.3 billion and assets worth $10.2 billion as of March 31, 2016 — was a significant one for the company and its shareholders on Tuesday. However, Reliance Capital stock closed 1.54 percent lower at Rs. 557.15 on the BSE.
The two significant takeaways for the company were listing of the company's life and general insurance businesses "at an appropriate stage" and a likely change in the firm's accounting year from financial year (April-March) to calendar year (January-December).
Jai Anmol, the 23-year-old son of Anil Ambani, who was appointed as additional director of Reliance Capital on August 23, 2016, was also present at the meeting.
Anmol joined Reliance Capital in 2014 and has been involved in various businesses of the company in the past two years, including talks with Nippon Life for increasing stake in Reliance Life Insurance and Reliance Capital Asset Management.
The company held its annual general meeting on Tuesday under the chairmanship of 57-year-old Anil Ambani, the younger brother of Mukesh Ambani, who controls Reliance Industries Ltd.
Reliance Capital's lines of business comprise mutual fund, insurance, commercial finance, brokerage and asset reconstruction.
Here are some of the tweets of the annual general meeting:
"@RelianceCapital is deeply committed to participating in the future of digital revolution & becoming a digital company." #RelianceAGMs2016
— Reliance Group (@reliancegroup) September 27, 2016
"We expect our health insurance business to grow exponentially with the changing demographics and needs of India." #RelianceAGMs2016
— Reliance Group (@reliancegroup) September 27, 2016
"@relnipponlife's 9000 Cr. investment in our asset mgmt & life insurance businesses is largest FDI from Japan in India." #RelianceAGMs2016
— Reliance Group (@reliancegroup) September 27, 2016
"The journey ahead for @RelianceCapital in the next 5 years will be even faster than in the past 10 years." #RelianceAGMs2016
— Reliance Group (@reliancegroup) September 27, 2016
"Regarding IPOs / listings of our other businesses, we will consider at an appropriate stage." (1/2) #RelianceAGMs2016
— Reliance Group (@reliancegroup) September 27, 2016
"We believe that GST is a game changer and a huge multiplier for the entire Indian economy." #RelianceAGMs2016
— Reliance Group (@reliancegroup) September 27, 2016
