Bajaj Finance Limited, a subsidiary of Bajaj Finserv, has declared that, beginning at the end of work hours on July 21, 2025, Mr. Anup Kumar Saha (DIN: 07640220) will no longer serve as Managing Director for personal reasons. In order to maintain managerial operations, the Board of Directors concurrently promoted Mr. Rajeev Jain from Executive Vice-Chairman to Vice-Chairman and Managing Director, per the Nomination and Remuneration Committee’s proposal.
Strategic Leadership Transition and Board Restructuring
The Board meeting held on July 21, 2025, commencing at 4:15 PM and concluding at 5:12 PM, formally accepted Mr. Saha’s resignation while implementing immediate succession planning. Mr. Rajeev Jain’s re-designation combines his existing powers and roles as Executive Vice-Chairman with the comprehensive management responsibilities of the Managing Director position, creating a unified leadership structure effective immediately.
The transition maintains operational stability within Bajaj Finance, a key subsidiary of Bajaj Finserv, while preserving strategic continuity through Mr. Jain’s established expertise and institutional knowledge. His expanded role encompasses the complete spectrum of management powers, roles, and responsibilities for the remainder of his current term extending until March 31, 2028.
Regulatory Compliance and Stakeholder Communication
Company Secretary R. Vijay filed comprehensive disclosures under Regulations 30 and 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparent communication with investors and regulatory authorities. The filing includes detailed annexures covering the resignation letter and requisite disclosures pursuant to Schedule III of the SEBI Listing Regulations.
Mr. Saha’s resignation letter, dated July 21, 2025, confirmed his irrevocable and unconditional resignation from the Managing Director position and directorship, while expressing commitment to ensuring a smooth transition. The Board acknowledged his contributions and wished him success in future endeavors, maintaining positive stakeholder relations during the leadership change.
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Impact on Key Managerial Personnel Structure
Mr. Anup Kumar Saha’s resignation results in his removal as Key Managerial Personnel for the purposes of assessing the materiality of events and filing disclosures required by SEBI Listing Regulation 30(5). This change streamlines the company’s KMP structure while maintaining compliance with regulatory requirements for material disclosures.
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