May 16, 2021

Rahul Bajaj resigns as chairman of Bajaj Auto citing age, to develop into chairman emeritus

Rahul Bajaj on Thursday resigned because the chairman of owing to his age after being on the helm of the corporate since 1972. He’ll assume the function of chairman emeritus of the corporate from 1 Might, in line with an organization assertion.

Niraj Bajaj, presently a director on the corporate’s board will take over because the non-executive chairman.

“Shri Rahul

has made an enormous contribution to the success of the corporate and the group over the past 5 many years,” learn a inventory trade discover from Bajaj Auto.

“Contemplating his large expertise and within the curiosity of the corporate and to proceed to profit from his expertise, data and knowledge sometimes in an advisory function and as a mentor, the board of administrators at its assembly held as we speak … permitted the appointment of Shri Rahul Bajaj as Chairman Emeritus of the Firm for a time period of 5 years with impact from 1 Might 2021,” the notice learn.

Bajaj Auto additionally declared a dividend of Rs 140 per share on Thursday. The whole pay-out in direction of dividend for the yr FY21 would quantity to Rs 4,051 crore, about 90% of the standalone revenue for the yr.

The inventory of Bajaj Auto closed at Rs 3,834.25 per share on the BSE on Thursday, down 1.44%. The announcement got here after market hours.