Ownership battle in Bajaj group finally ends
The five-year long ownership battle in the Bajaj group finally came to an end on Thursday when the two factions -- the Rahul and Shishir Bajaj groups -- agreed on an amicable settlement that included transferring of shareholdings.
By ET Bureau |
MUMBAI: The five-year long ownership battle in the Bajaj group finally came to an end on Thursday when the two factions ������ the Rahul and Shishir Bajaj groups ������ agreed on an amicable settlement that included transferring of shareholdings.
In a statement issued on Thursday, the Rahul Bajaj group said that the petition filed by the Shishir Bajaj group with the Company Law Board (CLB) has been withdrawn on December 31, 2008. ���With this, all disputes between both sides stand resolved,��� the statement added.
The Bajaj family feud first came to the fore in 2002, when Shishir Bajaj alleged that his elder brother Rahul Bajaj was trying to oust Shishir from the chairmanship of Bajaj Sevashram, one of the group���s holding companies. This later developed into a full blown corporate war with the Shishir Bajaj group approaching the CLB seeking redressal in March 2003. The CLB had suggested the warring sides to reach an amicable solution.
The Bajaj group comprises Rahul, Shekhar, Madhur and Niraj Bajaj and their families. According to the statement issued by the group, the Bajaj group shareholding in Bajaj Hindustan and Bajaj Consumer Care ������ part of Shishir���s group ������ is now with Shishir Bajaj.
Also, the promoter shareholding of other companies in the Bajaj group, including that held by the Shishir Bajaj group, is now with the four brothers of the Bajaj group. This includes companies such as flagship Bajaj Auto, Bajaj Electricals, Mukand, Bajaj FinServ, Bajaj Holding and Investments and Hercules Hoist.
In a statement issued on Thursday, the Rahul Bajaj group said that the petition filed by the Shishir Bajaj group with the Company Law Board (CLB) has been withdrawn on December 31, 2008. ���With this, all disputes between both sides stand resolved,��� the statement added.
The Bajaj family feud first came to the fore in 2002, when Shishir Bajaj alleged that his elder brother Rahul Bajaj was trying to oust Shishir from the chairmanship of Bajaj Sevashram, one of the group���s holding companies. This later developed into a full blown corporate war with the Shishir Bajaj group approaching the CLB seeking redressal in March 2003. The CLB had suggested the warring sides to reach an amicable solution.
The Bajaj group comprises Rahul, Shekhar, Madhur and Niraj Bajaj and their families. According to the statement issued by the group, the Bajaj group shareholding in Bajaj Hindustan and Bajaj Consumer Care ������ part of Shishir���s group ������ is now with Shishir Bajaj.
Also, the promoter shareholding of other companies in the Bajaj group, including that held by the Shishir Bajaj group, is now with the four brothers of the Bajaj group. This includes companies such as flagship Bajaj Auto, Bajaj Electricals, Mukand, Bajaj FinServ, Bajaj Holding and Investments and Hercules Hoist.
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