Bajaj Auto Vice Chairman Madhur Bajaj steps down due to health reasons

Bajaj Auto Ltd on Wednesday said its Vice Chairman Madhur Bajaj has resigned due to health reasons.

In a regulatory filing, Bajaj Auto said Madhur Bajaj has tendered his resignation from his position in the company with effect from the close of business hours on January 24, 2024.

In his resignation letter, Bajaj said considering his age and current health and after being associated with the company for 44 years he wished to step down as the Vice Chairman and non-executive Director of Bajaj Auto.

"I believe now is the time for me to pursue my other interests and commitments," he added.

Further, Bajaj Auto said its independent director Lila Poonawalla has expressed her desire not to seek a second term when her first term ends on March 31, 2024.

The board has approved re-appointment of Pradip Shah as an independent director for the second five-year term effective from April 1, 2024 and also recommended to the shareholders, the appointment of Vinita Bali as an independent director for the first five-year term effective from April 1, 2024.

The company will seek approval from shareholders for re-appointment of Shah and appointment of Bali, the filing said.