Final action of Bajaj family settlement shifts to CLB
The final stages of fight over division of the Bajaj empire will resume at the Company Law Board (CLB) tomorrow as warring factions are expected to report on outcome of their negotiations.
By PTI |
NEW DELHI: The final stages of fight over division of the Bajaj empire will resume at the Company Law Board (CLB) tomorrow as warring factions -- patriarch Rahul and his younger brother Shishir -- are expected to report on outcome of their negotiations.
The CLB, which in August-end adjourned hearing on the four-year-old case that has reached the final stages of argument, had given the two sides time to find an amicable solution and report to it.
In the last hearing held in August, the two sides had sought time from the board after failing to reach an out-of-court settlement.
Accepting it, CLB chairman S Balasubramanian had adjourned the matter for hearing to this month.
Things have, however, changed a lot since with Shishir's faction accepting the termination by Rahul Bajaj's side of a family settlement reached in 2003.
If the warring sides fail to report on reaching a settlement tomorrow, the Board will resume its scheduled procedure and hear the case for three consecutive days from October 23-25 to come to a final decision.
In March this year, admitting an application by Shishir's camp, the principal bench of the CLB had stayed all board meetings of the two holding companies Bajaj Sevashram and Jamnalal Sons Pvt Ltd.
The CLB, which in August-end adjourned hearing on the four-year-old case that has reached the final stages of argument, had given the two sides time to find an amicable solution and report to it.
In the last hearing held in August, the two sides had sought time from the board after failing to reach an out-of-court settlement.
Accepting it, CLB chairman S Balasubramanian had adjourned the matter for hearing to this month.
Things have, however, changed a lot since with Shishir's faction accepting the termination by Rahul Bajaj's side of a family settlement reached in 2003.
If the warring sides fail to report on reaching a settlement tomorrow, the Board will resume its scheduled procedure and hear the case for three consecutive days from October 23-25 to come to a final decision.
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In March this year, admitting an application by Shishir's camp, the principal bench of the CLB had stayed all board meetings of the two holding companies Bajaj Sevashram and Jamnalal Sons Pvt Ltd.
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