Bajaj Finserv Ltd. announced on Tuesday that its non-executive director Rajiv Bajaj will step down from the company's board, citing additional responsibilities at Bajaj Auto, where he serves as managing director (MD).
“Shri Rajiv Bajaj, non-executive director, has informed the Company that with additional responsibilities at Bajaj Auto Ltd. in recent times, owing to the setting up of Bajaj Auto Technology Ltd. and Bajaj Auto Credit Ltd. as well as the recent acquisition of KTM, he desires to reduce his other commitments,” the non-banking financial company (NBFC) said in an exchange filing on June 9.
Rajiv Bajaj opts out of re-election at 2026 AGM
He has also opted out of re-election at the 2026 Annual General Meeting (AGM), scheduled to be held next month end. Bajaj will cease to be a director of the company upon retirement by rotation at the said AGM, the company noted.
“Accordingly, he has expressed his intention to step down from the Board and has not offered himself for re-election at the ensuing annual general meeting scheduled to be held on Friday, 31 July 2026 (AGM),” the exchange filing read.
The company's board of directors took note of the above and placed on record its gratitude and appreciation for the valuable contribution of Rajiv Bajaj during his long association with the company.
Rajiv Bajaj will continue to serve as the MD of Bajaj Auto, one of India's largest two-wheeler manufacturers. He is the son of Rahul Bajaj, who played a pivotal role in building Bajaj Auto into one of India's most recognised automobile companies, and the brother of Sanjiv Bajaj, who serves as the chairman and managing director of Bajaj Finserv, the financial services holding company that owns a majority stake in Bajaj Finance.
He became a member of Bajaj Auto's board in 2002 and was later appointed to the role of the top executive in 2005. He has also held positions on the supervisory boards of companies within the KTM Group.
Rajiv Bajaj stepped down from Bajaj Finance's board
Bajaj Finance had earlier announced on April 29 that Rajiv Bajaj will step down from the company’s board, a decision that now aligns with his exit from the Bajaj Finserv board as well.
“Rajiv Bajaj has expressed his willingness to step down from the company. He has informed that he will not be offering himself for re-election at the ensuing annual general meeting. Accordingly, he will cease to be non-executive director of the Company at the ensuing annual general meeting scheduled to be held on Thursday, 30 July 2026 (close of business hours)," the company said in a stock exchange filing.
“The Board of Directors, at its Meeting held today, took note of the above and placed on record its sincere appreciation for Rajiv Bajaj's valuable service and contribution during his long association with the Company,” the company added.
