Rahul Bajaj, the Whole-time Director and Chairman of the company who has been a Director of the Company since 1 April 1970, was last re-appointed by the Board for a five year term with effect from 1 April 2015. The tenure of appointment of Rahul Bajaj as Executive Chairman is expiring on 31 March 2020. Due to certain commitments and other pre-occupation, Rahul Bajaj has decided not to continue as a Whole-time Director of the Company after the expiry of his current term on 31 March 2020.
The Board of Directors at its meeting held today and as recommended by Nomination and Remuneration Committee has approved the appointment of Rahul Bajaj as Non-Executive Director with the designation continuing as Chairman of the Company w.e.f. 1 April 2020, subject to approval of the shareholders.
Since Rahul Bajaj has already attained the age of 75 years, approval of shareholders will be taken by special resolution by way of postal ballot for his appointment as Non-executive Chairman as required under Regulation 17(1A) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Board of Directors placed on record its gratitude and sincere appreciation for the immense contribution made by Rahul Bajaj in the development, growth and success of the Company through his dynamic and exemplary leadership over the last five decades.
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