Rahul Bajaj steps down as Bajaj Finserv, will take new role as Chairman Emeritus in May

Bajaj Finserv on Wednesday announced that its Chairman and Non-Executive Director Rahul Bajaj has resigned and will take over as the Chairman Emeritus starting from May.

The company, in a regulatory filing said that Bajaj, 80, in a letter dated February 15, 2019, has mentioned that his resignation which would be effective from the conclusion of the board meeting scheduled for May 16, 2019,

It also said that his appointment as Chairman Emeritus will be effective from May 16, 2019. It concluded by saying that the board of directors had appointed Nanoo Pamnani as Independent Non-Executive Chairman of the company in place of Rahul Bajaj, with effect from May 17, 2019,

The company has also approved reappointment of independent directors D J Balaji Rao, Nanoo Pamnani and Gita Piramal for a second term of five years.

The appointment of Rao and Pamnani will be with effect from April 1, 2019, while Piramal’s term will begin from July 16, 2019. These changes will be based on the approval of the shareholders.

Bajaj Finserv deals with financial services of Bajaj Group. Its core businesses are spread across lending, insurance and wealth advisory.

Rahul Bajaj, born on June 1, 1938 is recognised as one of the most successful business leaders of India.

Apart from holding a degree in economics from Delhi University and a degree of law from Bombay University, he also completed his MBA from Harvard Business School.

Bajaj is the head of Bajaj group of companies apart from being the chairman of the board of many companies.

He was elected to the Upper House of Parliament for 2006-2010 period. Stock of Bajaj Finserv closed 0.54% per cent higher at Rs 6,935 on BSE.

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