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Rahul Bajaj will be stepping down as the executive chairman of Bajaj Auto on March 31, 2020, and will transition to the role of non-executive chairman of the Company from April onwards, subject to the approval of the shareholders.
Bajaj Auto said in a regulatory filing on Thursday that due to certain commitments and other pre-occupation, Bajaj has decided not to continue as a whole-time director after the expiry of his current term on March 31, 2020.
He has been a director since April 1, 1970, and was last re-appointed by the Board for a five-year term with effect from April 1, 2015, with the tenure expiring on March 31, 2020.
Since Bajaj has already attained the age of 75, the approval of shareholders will be taken by special resolution by way of postal ballot for his appointment as non-executive Chairman as required under Regulation 17(1A) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the filing said.
“The Board of Directors placed on record its gratitude and sincere appreciation for the immense contribution made by Shri Rahul Bajaj in the development, growth and success of the Company through his dynamic and exemplary leadership over the last five decades,” it concluded.
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