Rahul Bajaj steps down from Bajaj Auto

Bajaj Auto announced that Rahul Bajaj has resigned from the post of Non-Executive Director & Chairman of the company. Nirav Bajaj, who is currently a Non-Executive Director in the company, will take over his position. The announcement was made on Thursday after the market hours.  

Rahul Bajaj has been the Chairman of Bajaj Auto since 1972 and Bajaj Group for five decades. He was instrumental in splitting Bajaj Auto into different units, mainly Bajaj Auto and Bajaj Finserv, which are currently run by his sons Rajiv Bajaj and Sanjiv Bajaj, respectively. He has tendered his resignation considering his age. His resignation comes into effect after the close of business hours on April 30, 2021.  

Rahul Bajaj has made a huge contribution to the success of the company and the Group over the last five decades. Considering his tremendous experience and in the interest of the company, its board of directors on the recommendation of Nomination & Remuneration Committee, has approved the appointment of Rahul Bajaj as Chairman Emeritus of the Company for a term of five years, effective from May 1, 2021.  

Apart from being one of India’s richest Indians with a net worth of US$ 6.3 billion, Rahul Bajaj has also received one of India’s top civilian honours, Padma Bhushan.  

At 12.11 pm on Friday, the shares of Bajaj Auto were trading 0.67 per cent higher at Rs 3,860.00 on BSE. 

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