Axis Bank appoints Rakesh Makhija as new Chairman for 3 years

Rakesh Makhija, who is the Chairman of SKF India, will take over from current Axis Bank Chairman Sanjiv Mishra, when his term comes to an end on July 17.

Mar 13, 2019 03:03 IST India Infoline News Service

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Axis Bank appointed Rakesh Makhija as its new Non-Executive Part-Time Chairman, the bank said in a press note after markets hours to the exchanges on Tuesday.

Rakesh Makhija, who is the Chairman of SKF India, will take over from current Axis Bank Chairman Sanjiv Mishra, when his term comes to an end on July 17.

The bank said its board of directors on March 11 approved the appointment of Makhija, Independent Director as the non-executive, part-time, Chairman of the Bank, for three years.

The appointment will be effective from July 18, 2019, till July 17, 2022, the bank added in the BSE filing.

“We affirm that Rakesh Makhija is not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India or any other Regulatory/Statutory Authority,” the bank added.

Rakesh Makhija is an Independent Director on the Board of Axis Bank since October 27, 2015. Makhija is the Chairman of the Nomination and Remuneration Committee, member of the Audit Committee, Acquisitions, Divestments and Mergers Committee, and the Special Committee of the Board for monitoring of Large Value Frauds of the Bank.

Rakesh Makhija is also Chairman of SKF India Ltd and a Director on the Board of Tata Technologies Ltd., Tata Marcopolo Motors Ltd, and A.TREDS Ltd.

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