Bajaj Finserv reappoints Sanjiv Bajaj as MD for 5 years

Sanjiv Bajaj has been re-appointed as the managing director of Bajaj Finserv for a 5-year period, the financial services company informed the stock exchanges on March 16.

The decision was taken at the meeting of the Board of Directors held earlier in the day, the regulatory filing said, adding that Sanjiv Bajaj's new term will come into effect from April 1, 2022.

Bajaj's current term as the MD will expire on March 31. His fresh term at the company's helm will span "from 1 April 2022 to 31 March 2027", Bajaj Finserve said, adding that "he will not be liable to retire by rotation".

Bajaj is eligible to hold another term as the company's MD in accordance to the norms laid down by market regulator SEBI, Bajaj Finserv clarified.

"Bajaj is not debarred from holding the Office of Director by virtue of any order passed by SEBI or any other such authority and therefore, he is not disqualified to be re-appointed as managing director of the company," it noted.

Notably, Bajaj has been serving as the company's MD since 2008, and since 2020, he holds the position of chairman and MD. He is also serving as the president designate of the Confederation of Indian Industries.

Bajaj Finserv, in the regulatory filing, also noted that its MD holds the position of chairman on the boards of several Bajaj Group companies. His elder brother, Rajiv Bajaj, is a member of the board of Bajaj Finserv, it added.