Bajaj Auto Vice Chairman, Madhur Bajaj, resigns due to health reasons; board proposes new appointments: Report

The board has approved the re-appointment of Pradip Shah and recommended Vinita Bali as new directors, pending shareholder approval.

Autocar Pro News Desk By Autocar Pro News Desk calendar 25 Jan 2024 Views icon1801 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Bajaj Auto Vice Chairman, Madhur Bajaj, resigns due to health reasons; board proposes new appointments: Report

In light of health concerns, Madhur Bajaj, Vice Chairman of Bajaj Auto Ltd, has tendered his resignation, as disclosed in a regulatory filing. Effective January 24, 2024, the company officially acknowledged Madhur Bajaj's departure from his role at the close of business hours on that date, as reported by PTI.

In a statement, Madhur Bajaj conveyed in his resignation letter that, taking into account his age and current health condition, and having dedicated 44 years to the company, he has decided to step down from his position as Vice Chairman and non-executive Director of Bajaj Auto. He expressed his intention to explore other interests and commitments, citing it as an opportune moment for a transition, according to PTI.

Additionally, independent director Lila Poonawalla has communicated her decision not to seek a second term beyond March 31, 2024. PTI reported that the company's board, in response, has approved the re-appointment of Pradip Shah as an independent director for a second five-year term, effective April 1, 2024. Furthermore, the board has recommended to shareholders the appointment of Vinita Bali as an independent director for an initial five-year term, also starting from April 1, 2024.

Bajaj Auto has announced its intent to seek approval from shareholders for the re-appointment of Pradip Shah and the appointment of Vinita Bali, in accordance with the regulatory filing, as reported by PTI.

RELATED ARTICLES
New Aston Martin Vantage priced at Rs 3.99 crore

auther Autocar Pro News Desk calendar23 Apr 2024

New Vantage is powered by a 665hp, 4.0-litre V8.

Stellantis India announces price hike for Citroen and Jeep models

auther Autocar Pro News Desk calendar23 Apr 2024

This adjustment will translate to an incremental rise ranging from Rs 4,000 to Rs 17,000 across the respective models.

Govt receives seven bids for PLI scheme on Advanced Chemistry Cell; Reliance, JSW, Amara Raja amongst bidders

auther Autocar Pro News Desk calendar23 Apr 2024

ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, Anvi Power Industries P...