Rajiv Bajaj to resign from Bajaj Finserv board:Decides to focus on auto business; will leave position after AGM on 31 July

Bajaj Auto’s Managing Director Rajiv Bajaj is now going to resign from the board of Bajaj Finserv. He has taken this decision to reduce his external responsibilities and focus on the automobile business. He will step down from the director position after the company’s Annual General Meeting (AGM) to be held on July 31. Retirement under rotation, will not contest re-election at AGM Bajaj Finserv shared official information about this decision in an exchange filing given to the stock market on Tuesday. According to the company, Rajiv Bajaj was playing the role of Non-Executive Director on the board. He has informed the company that he will not seek re-election at the AGM to be held on July 31. Consequently, with retirement by rotation at the AGM, he will no longer be a director of the company. Increased responsibilities in auto business, hence the decision Rajiv Bajaj has cited his increasing responsibilities at Bajaj Auto in recent years as the main reason for this decision. Bajaj Finserv stated that his responsibilities at Bajaj Auto Limited have grown in recent times. The company has established Bajaj Auto Technology Limited and Bajaj Auto Credit Limited, and has also recently acquired KTM. Due to this, he wants to reduce his other external responsibilities. Board expressed gratitude; he had also left Bajaj Finance in April Sanjiv Bajaj is the son of Rahul Bajaj and brother of Rajiv Rajiv Bajaj is currently the Managing Director (MD) of Bajaj Auto, one of India’s largest two-wheeler manufacturing companies. He is the son of the late Rahul Bajaj, who played a major role in establishing Bajaj Auto as one of India’s most popular and trusted automobile brands. Rajiv Bajaj’s brother is Sanjiv Bajaj, who is the Chairman and Managing Director of Bajaj Finserv. Bajaj Finserv is a financial services holding company that holds a majority stake in Bajaj Finance. Holding the position of MD of Bajaj Auto since 2005 What is ‘Retirement by Rotation’? Under the Companies Act, a certain proportion of directors of listed companies retire by rotation at every AGM. If the directors wish and shareholders permit, they can be re-elected. Rajiv Bajaj himself has declined to contest re-election. What is the connection between Bajaj Finserv and Bajaj Auto? These two are part of the same parent group Bajaj Group, but Bajaj Auto is completely focused on manufacturing vehicles (two-wheelers/three-wheelers), while Bajaj Finserv handles the group’s financial (finance and insurance) business.