Rahul Bajaj, the chairman of steel firm Mukand, is expected to resign on Saturday and continue as a director on the board. The present managing directors, Niraj Bajaj and Rajesh Shah, are expected to take over as chairman and co-chairman, respectively.
Bajaj would resign soon after the annual general meeting of Mukand to be held in Mumbai on Saturday and pass on the baton to his younger brother, Niraj Bajaj, and close family friend, Shah.
A board meeting has been called just prior to the AGM to elect the new heads of the company.
In the Bajaj Auto AGM held in Pune today, Bajaj announced that the Mukand board would decide on the new chairman as he has not had enough time since June last year, when he became a Rajya Sabha member.
Later, Bajaj told Business Standard that he made the comment light-heartedly. "I want to see how these two boys perform as the head of Mukand. It's time for the next generation to run the company," Bajaj said from Pune.