The board has accepted his request. Bajaj will continue with the company till 30 April 2023 to provide transition and support to his successor.

Further, the board of directors of the company at their meeting held on 5 April 2023, considered the recommendation of the nomination & remuneration committee, and approved the appointment of Rakesh Khanna as executive vice chairman & managing director with effect from 5 April 2023, which will be subject to the approval of shareholders through postal ballot.

"Rakesh Khanna is an accomplished leader and strategist, having a consistent track record of achieving business turnaround, and building sustainable high profitability business models. Khanna was the managing director & CEO of Orient Electric, a Fortune 500 company in India, and a leader in consumer appliances, with revenues of over Rs 2500 crore, the company said in a statement.

Khanna has also grown with and managed leading brands like Sony, Jumbo Electronics, Hitachi, Wipro, and Eureka Forbes.

Singer is the "World's #1 sewing brand", and Singer India is a long-standing player in the Indian sewing industry under the renowned brands "Singer" and "Merritt". In addition to sewing machines and its accessories, Singer has a presence in the large and growing home appliances segment.

Net profit of Singer India declined 80.61% to Rs 0.51 crore while net sales declined 4.61% to Rs 121.35 crore in Q3 December 2022 over Q3 December 2021.

Shares of Singer India rose 0.91% to Rs 73.48 on Wednesday, 5 April 2023.