New Delhi24 minutes ago
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Bajaj Auto Managing Director Rajiv Bajaj is now going to resign from the board of Bajaj Finserv. He has taken this decision to reduce his external responsibilities and focus on the automobile business.
He will step down from the post of director after the Annual General Meeting (AGM) of the company to be held on July 31.
Retirement under rotation, will not contest elections again in AGM
Bajaj Finserv has shared official information about this decision in an exchange filing given to the stock market on Tuesday. According to the company, Rajiv Bajaj was playing the role of non-executive director on the board.
He has informed the company that he will not seek re-election in the AGM to be held on July 31. Due to this, along with his retirement by rotation at the AGM, he will no longer be a director of the company.
Responsibilities increased in auto business, hence decision taken
Rajiv Bajaj has cited his increasing responsibilities at Bajaj Auto in the last few years as the main reason for this decision. Bajaj Finserv said that his responsibilities have increased in Bajaj Auto Limited in recent times.
The company has established Bajaj Auto Technology Limited and Bajaj Auto Credit Limited, and also recently acquired KTM. For this reason they want to reduce their other external responsibilities.
The board expressed gratitude, had also left Bajaj Finance in April
- The Board of Bajaj Finserv has taken cognizance of this decision of Rajiv Bajaj. Along with this, the Board has expressed its gratitude and appreciation to him for his long association with the company and the important contribution he has made.
- Earlier in the month of April this year also, Rajiv Bajaj had sent a notice to Bajaj Finance. Then he had decided not to contest re-election as non-executive director in the AGM of Bajaj Finance.
- After which his long journey with the lender board came to an end. At that time, Bajaj Finance had also expressed gratitude by appreciating his services.
Sanjeev Bajaj is Rahul Bajaj’s son and Rajiv’s brother.
Rajiv Bajaj is currently the Managing Director (MD) of Bajaj Auto, one of India’s largest two-wheeler manufacturing companies. He is the son of late Rahul Bajaj, who played a major role in establishing Bajaj Auto as one of India’s most popular and trusted automobile brands.
Rajiv Bajaj’s brother is Sanjeev Bajaj, who is the chairman and managing director of Bajaj Finserv. Bajaj Finserv is a financial services holding company, which holds the majority stake in Bajaj Finance.
Holding the post of MD of Bajaj Auto since 2005
- Rajiv Bajaj has a vast experience in the automobile sector and business leadership. He became a board member of Bajaj Auto for the first time in the year 2002.
- After this, in the year 2005, he took command as MD of the company. In addition, he has also held several positions on the supervisory boards of companies within the KTM Group.
What is ‘Retirement by Rotation’?
Under the Companies Act, a certain portion of the directors of listed companies retire by rotation at every AGM. If the directors wish and the shareholders allow, they can be re-elected. Rajiv Bajaj himself has refused to contest elections again.
What is the connection between Bajaj Finserv and Bajaj Auto?
Both are part of the same parent conglomerate Bajaj Group, but Bajaj Auto focuses solely on manufacturing vehicles (two-wheeler/three-wheeler), while Bajaj Finserv handles the financial (finance and insurance) business of the group.
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