Rahul Bajaj To Step Down As Chairman Of Bajaj Auto; Will Be Replaced By Niraj Bajaj

Bajaj Auto Limited has announced Rahul Bajaj, the Non-executive Chairman of the company, will be stepping down from his position with effect from the close of business hours on 30 April 2021. He will be replaced by the company's Non-executive Director, Niraj Bajaj, who will be appointed as the Chairman of Bajaj Auto Ltd. with effect from May 1, 2021. The statement released by the company says that Rahul Bajaj, who has been at the helm of the Company since 1972 and the Group for five decades now, has resigned considering his age. Going forward, Rahul Bajaj will serve as the Chairman Emeritus of Bajaj Auto.

The company's Non-executive Director, Niraj Bajaj, will replace Rahul Bajaj as the Chairman of Bajaj Auto Ltd. with effect from May 1, 2021

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In its official statement, Bajaj Auto said, "Rahul Bajaj has made a huge contribution to the success of the Company and the Group over the last five decades. Considering his tremendous experience and in the interest of the Company and to continue to benefit from his experience, knowledge and wisdom from time to time in an advisory role and as a mentor, the Board of Directors at its meeting held today and as recommended by Nomination and Remuneration Committee has approved the appointment of Shri Rahul Bajaj as Chairman Emeritus of the Company for a term of five years with effect from 1 May 2021. This will be taken up at the ensuing annual general meeting for the approval of the shareholders."

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Rahul Bajaj will be the Chairman Emeritus of the Company for a term of five years with effect from 1 May 2021

Niraj Bajaj has been on the Board of Directors of Bajaj Auto Ltd., Bajaj Allianz Life and General Insurance Co Ltd., and is Chairman of Bachhraj & Company, Jamnalal Sons and various other Bajaj Group Companies. He is also the Chairman & Managing Director of Mukand Limited and Chairman of Bajaj Holdings & Investment Limited (BHIL).