New Delhi: Veteran Industrialist Rahul Bajaj resigned as the Non-Executive Director and the Chairman of the Bajaj Finserv Company. The appointment of Rahul Bajaj as the Chairman Emeritus will be effective from the conclusion of Board meeting scheduled on May 16. Meanwhile, Nanoo Pamnani has been appointed as the Independent Non-Executive Chairman with effect from May 17, stated news agency ANI.

“In view of resignation, the Board of Directors of the Company has appointed Nanoo Pamnani, as an Independent Non-Executive Chairman of the Company, in place of Rahul Bajaj, with effect from May 17,” the statement said.

Bajaj Finserv Limited (BFS) is the holding company for the various financial services businesses under the Bajaj group. The shares of Bajaj Finserv on Wednesday fluctuated between gains and losses to trade a little changed at Rs 6,856, stated a report.

It has 54.99 per cent holding in Bajaj Finance Limited (BFL), while in the insurance business it has 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC). Bajaj Finserv on January 29 reported a 16 per cent increase in its consolidated net profit to Rs 851 crore for the third quarter ended December 2018.

The company had registered a net profit of Rs 731 crore in the corresponding October-December quarter of 2017-18.

(With agency inputs)