Insta
Rahul Bajaj To Step Down As Chairperson Of Bajaj Finance; Son Sanjiv To Take Over From 1 August
Swarajya Staff
Jul 21, 2020, 04:52 PM | Updated 04:52 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Senior industrialist Rahul Bajaj is going to step down as the Non-Executive Chairperson of Bajaj Finance on 31 July, making room for his son Sanjiv Bajaj to head the company, The Indian Express reported.
Rahul Bajaj has held the top position of the company for more than three decades.
According to a regulatory filing by the Bajaj Finance on Tuesday, Sanjiv who is currently the vice-chairperson of the company will take charge as the boss on 1 August.
“Rahul Bajaj, Non-Executive Chairman of the company, having been at the helm of the company since its inception in 1987 and the group for over five decades, as part of succession planning, has decided to demit the office as chairman of the board with effect from close of business hours on July 31, 2020,” the company said.
He would, however, continue to serve the company as a Non-Executive Non Independent Director.
Sanjiv also chairs the board of Bajaj Allianz and is the Managing Director of Bajaj Holdings & Investment.
On Tuesday, Bajaj Finance reported a 19.48 per cent fall in its consolidated net profit at Rs 962.32 crore for the quarter ended June 30, on a year-on-year basis.
(With inputs from IANS)
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.