Veteran industrialist Rahul Bajaj has stepped down as the chairman and non-Executive director of investment firm Bajaj Holdings and Investment, and his cousin Niraj Bajaj has been appointed as the new non-executive chairman with effect from May 18.
“Rahul Bajaj, vide his letter dated February 15, 2019, has tendered his resignation as the non-executive director and chairman of the company to be effective from the conclusion of board meeting on May 17, 2019.”
However, he has been appointed as the chairman emeritus of the company.
Rahul Bajaj, born on June 1, 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.
He had also resigned as the chairman and non-executive director of Bajaj Finserv earlier on Wednesday.
Bajaj Holdings & Investment Limited was demerged out of Bajaj Auto Limited in 2007, when the manufacturing operations were transferred to Bajaj Auto Limited and strategic business undertakings, consisting of wind farm business and financial services business, were moved to Bajaj Finserv.
All the businesses and all properties, assets, investments and liabilities of erstwhile Bajaj Auto Ltd, other than the manufacturing undertaking and the strategic business undertaking, remain with Bajaj Holdings & Investment.
Bajaj heads the Bajaj group of companies apart from being the chairman of the board of many companies, including Bajaj Auto.
He was elected to the Upper House of Parliament for 2006-2010 period.
Bajaj heads the Bajaj group and companies apart from being the chairman of the board of many companies.
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.
Meanwhile P Murari has stepped down as the independent director owing to personal reasons. Anami Roy will take over as the additional director and an independent director with effect from April 1, the company said.