Rahul Bajaj resigns as Bajaj Finserv Chairman; will take over as Chairman Emeritus from May

New Delhi: Bajaj Finserv Wednesday said its Chairman and Non-Executive Director Rahul Bajaj has resigned and will take over as the Chairman Emeritus from May.

Bajaj, 80, vide a letter dated 15 February, 2019, has tendered his resignation which will be effective from the conclusion of the board meeting scheduled for 16 May, 2019, the company said in a regulatory filing.

His appointment as Chairman Emeritus will be effective from 16 May, 2019, it added.

“The board of directors has appointed Nanoo Pamnani as Independent Non-Executive Chairman of the company in place of Rahul Bajaj, with effect from 14 May, 2019,” it said.

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

While the appointment of Rao and Pamnani will be with effect from 1 April, 2019, Piramal’s term will begin from 16 July, 2019.

These changes are subject to 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 1 June, 1938 is recognised as one of the most successful business leaders of India.

He holds a degree in economics from Delhi University, a degree of law from Bombay University and an MBA from Harvard Business School.

Bajaj heads the 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 1.22 percent higher at Rs 6,920 on BSE.