Rahul & Shishir Bajaj seek more time from CLB

NEW DELHI: Feuding industrialist brothers Rahul and Shishir Bajaj sought more time from the Company Law Board (CLB) on Friday to arrive at an out-of-court settlement on the division of the empire.

Counsels, representing the brothers, told the principal bench of CLB, chaired by S Balasubramanian, that there was progress in their discussions. They also requested for more time to sort out the differences. The court accepted it and gave the parties time till October 22 for further talks.

If they fail to reach a settlement by then, the board would resume its scheduled procedure and hear the case for three consecutive days, as the four-year-old case has reached the final stages of argument. CLB had resumed the proceedings on August 29 after a gap of nearly six months, following a direction from the Bombay High Court. However, the board adjourned the matter in the last two days on request from both the sides.

In March this year, admitting an application by the Shishir camp, CLB stayed all board meetings of the two holding companies, Bajaj Sevashram and Jamnalal Sons. Later, on mutual consent of the parties, the Bombay High Court asked CLB to go ahead with the matter and fix a new date for hearing the case.