Business tycoon Rahul Bajaj will step down as chairman of Bajaj Finance Ltd on 31 July after 33 years at the helm and hand over the reins to his son Sanjiv Bajaj as part of succession planning at the non-banking financial company.
In a stock exchange filing on Tuesday, the company said Bajaj, 82, will continue to serve as a non-executive, non-independent director.
In his place, the board approved the appointment of Sanjiv Bajaj, vice chairman of the company, as non-executive chairman with effect from 1 August.
Sanjiv Bajaj chairs the board of Bajaj Allianz Life Insurance Co. and Bajaj Allianz General Insurance Co. He is also the managing director of Bajaj Holdings and Investment.
“In terms of provision of Regulation 30 of the Sebi (listing obligations and disclosure requirements) Regulations, 2015, as amended, this is to inform you that, Shri Rahul Bajaj, non-executive chairman of the company, having been at the helm of the company since its inception in 1987, and the group for over five decades, as part of succession planning, has decided to demit the office as chairman of the board with effect from close of business hours on 3l July 2020. He would, however, continue to serve the company as a non-executive, non-independent director,” the notice said.
News Source: Livemint