Mumbai (Maharashtra) [India], Mar 13 (ANI): Rakesh Makhija, 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 has approved the appointment of Makhija, an independent director, as the non-executive, part-time Chairman of the bank for three years.
The appointment will be effective from July 18, the bank informed stock exchanges in regulatory filings.
"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.
Makhija has been an independent director on the board of Axis Bank since October 27, 2015. He is 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.
Makhija is also a director on the board of Tata Technologies, Tata Marcopolo Motors and A.TREDS Ltd.