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.