Mukesh Ambani has resigned as director of Reliance Jio effective from June 27 and handed over the reins of the company to his elder son Akash.

In a stock exchange filing, Reliance Jio said the company’s board at a meeting on June 27, “approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.”

The board at its meeting also approved the appointment of Pankaj Mohan Pawar as Managing Director of Reliance Jio for a period of five years commencing from June 27, 2022. Raminder Singh Gujral and KV Chowdary were appointed independent directors.

According to TRAI data, India’s largest telecom operator, Reliance Jio, had gained 16.8 lakh mobile subscribers in April, cementing its lead in the market.