Niraj Bajaj appointed Mukand chairman

Niraj Bajaj today took charge as the chairman of steel company Mukand, replacing Rahul Bajaj, who isthe the chairman of Bajaj Auto.

Rajesh Shah was appointed the co-chairman.

Both Bajaj and Rajesh Shah were managing directors.

Suketu Shah, the current executive director, has been promoted as the joint managing director of the company.

Addressing the shareholders at the company's annual general meeting today, Rahul Bajaj said he was resigning due to the paucity of time and to give an opportunity to the next generation.

The Mukand board met after the AGM to approve the appointments.

Rahul Bajaj said he had succeeded Viren Shah as the chairman after the latter became the governor of West Bengal. "Besides, financial institutions insisted that I be the face of Mukand as the company was going through a rough patch," Bajaj said.

With the company now back in the black, Rahul Bajaj said it was time for him to step down so that both Niraj Bajaj and Rajesh Shah, now in their mid-fifties, could take the top jobs. At present, the Shahs hold close to 11 per cent stake in the company while the Bajaj family owns 35 per cent.

Rahul's estranged brother, Shishir Bajaj, also attended the board meeting.