In a major development, Bajaj Auto non-executive director and chairman Rahul Bajaj has resigned from the company with effect from April 30, 2021, the company informed the stock exchanges today. "Rahul Bajaj, Non-executive Chairman of the Company, considering his age, has tendered his resignation as a non-executive director and Chairman of the Company with effect from close of business hours on 30 April 2021," Bajaj Auto informed the stock exchanges today.
In place of Rahul Bajaj, Niraj Bajaj, who's a non-executive director of the company, will now serve as chairman of Bajaj Auto from May 1, 2021. "Rahul Bajaj, Non-executive Chairman, having been at the helm of the company since 1972 and the Group for five decades, considering his age, has tendered his resignation as a non-executive director and Chairman of the Company with effect from close of business hours on 30 April 2021," the company said via filing.
The company said Rahul Bajaj made an immense contribution to the success of the company and the group at large over the past 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," the filing said.
The matter will be discussed at the ensuing annual general meeting with the shareholders, the company said. Meanwhile, Bajaj Auto also reported its Jan-March quarter results on Thursday. The country's leading two-wheeler major reported a 14.57 per cent rise in its net profit at Rs 1,551.28 crore in the January-March quarter of the financial year 2020-2021. The company had reported Rs 1,353.99 crore profit during the same quarter last year. Bajaj Auto's revenue for the quarter rose 26 per cent to Rs 8,596.10 crore in Q4.
Meanwhile, Bajaj Auto share closed Rs 70.80 or 1.82 percent down at Rs 3,818.95 on the National Stock Exchange on Thursday.