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Rahul Bajaj resigns as Bajaj Finserv Chairman

Press Trust of India  |  New Delhi 

Finserv Wednesday said its has resigned and will take over as the from May.

Bajaj, 80, vide a letter dated February 15, 2019, has tendered his resignation which will be effective from the conclusion of the board meeting scheduled for May 16, 2019, the company said in a regulatory filing.

His appointment as will be effective from May 16, 2019, it added.

"The board of directors has appointed as of the company in place of Rahul Bajaj, with effect from May 17, 2019," it said.

The company has also approved reappointment of independent directors D J Balaji Rao, and for a second term of five years.

While the appointment of Rao and Pamnani will be with effect from April 1, 2019, Piramal's term will begin from July 16, 2019.

These changes are subject to approval of the shareholders.

Finserv deals with of Its core businesses are spread across lending, insurance and wealth advisory.

Rahul Bajaj, born on June 1, 1938 is recognised as one of the most successful business leaders of

He holds a degree in economics from Delhi University, a degree of law from and an MBA from

Bajaj heads the of apart from being the of many

He was elected to the of Parliament for 2006-2010 period.

Stock of closed 1.22 per cent higher at Rs 6,920 on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 13 2019. 19:56 IST