Big change in Bajaj Group: Rajiv Bajaj will leave the board of Bajaj Finserv, know the reason

Mumbai: A big news is coming out from the country’s leading industrial house Bajaj Group. Bajaj Auto Managing Director (MD) Rajiv Bajaj is going to resign from the board of Bajaj Finserv soon. The company has informed about this decision in an official exchange filing given to the stock market on Tuesday. Rajiv Bajaj was currently serving as a non-executive director on the board of Bajaj Finserv.

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Will leave post on July 31

According to the information, Rajiv Bajaj will step down from his post after the Annual General Meeting (AGM) of the company to be held on July 31. He has informed the Company in writing that he will not seek re-election at this AGM after his retirement by rotation. After this decision, the board of the company has expressed gratitude towards him by appreciating his long association and important contribution.

Main reason is focus on automobile business

Rajiv Bajaj has cited his increasing responsibilities in the automobile sector as the main reason behind this big step. Bajaj Auto has expanded rapidly in recent times, under which new companies like Bajaj Auto Technology and Bajaj Auto Credit have been established. Apart from this, after the recent acquisition of the famous two-wheeler brand KTM, the work pressure on him has increased a lot, due to which he wants to reduce external responsibilities.

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Had also distanced myself from Bajaj Finance in April

This decision of Rajiv Bajaj is not a sudden step. Earlier in the month of April this year also he had taken a similar decision. Then he sent a notice to Bajaj Finance saying that he would not contest the election again as a non-executive director in the AGM, after which his long journey with the lender’s board came to an end. Now they will focus entirely on the manufacturing and technology of vehicles.

The responsibility of the business is divided between the two brothers

1. Let us tell you that Rajiv Bajaj is the son of veteran businessman late Rahul Bajaj, who made Bajaj the most trusted auto brand of the country. While Rajiv Bajaj heads the group’s two-wheeler and three-wheeler manufacturing business, i.e. Bajaj Auto, his brother Sanjeev Bajaj is the chairman and MD of Bajaj Finserv, the financial (loan and insurance) business of the group.