Bajaj Auto chairman Mr Rahul Bajaj resigned from the executive role on Thursday, April 29. Mr Niraj Bajaj, Nonexecutive Director of the Company will be appointed as the Chairman of Bajaj Auto, with effect from May 1, 2021, replacing Mr Rahul Bajaj. According to a regulatory filing by the auto major to the BSE today, Mr Rahul Bajaj, considering his age, tendered his resignation as non-executive Director and Chairman of the company. Mr Rahul Bajaj’s appointment as non-executive chairman came into effect from April 1, 2021, and has now stepped down from the role at the end of the current term. (Also Read: Bajaj Auto Chairman Rahul Bajaj To Step Down From Executive Role )
”Shri Rahul Bajaj, Non-executive Chairman of the Company, having been at the helm of the Company since 1972 and the Group for five decades, considering his age, has tendered his resignation as non-executive director and Chairman of the Company with effect from close of business hours on 30 April 2021,” said Bajaj Auto in its statement today. Mr Rahul Bajaj has been a director of the company since April 1, 1970, according to Bajaj Auto. He was last reappointed by the board of the company for a five-year term starting April 1, 2015.
Bajaj Auto said that Mr Rahul Bajaj’s has made a massive contribution to the company’s growth over the last five decades. Considering his rich experience and in the interest of the company’s benefit to derive from his knowledge, the Board of Directors approved the appointment of Mr Rahul Bajaj as Chairman Emeritus of the Company for a term of five years with effect from May 1, 2021. This will be taken up at the forthcoming annual meeting for the approval of shareholders. (Also Read: Bajaj Auto Profit Rises 15% To ₹ 1,551 Crore In March Quarter; Shares Decline )
Bajaj Auto reported a consolidated net profit of Rs 1,551.28 crore in the January-March quarter of the financial year 2020-21, marking a 14.57 per cent increase from Rs 1,353.99 crore in the corresponding quarter last year. The company’s total revenue from operations jumped 26 per cent to Rs 8,596.10 crore. On Thursday, Bajaj Auto shares settled 1.44 per cent lower at Rs 3,834.25 apiece on the BSE.