Shishir's plea for division of empire not maintainable: Rahul Bajaj
Bajaj family patriarch Rahul Bajaj, who is fighting against the division of the group with younger brother Shishir, today contended before the Company Law Board that the allegations of oppressing minority shareholder made against him were not main...
By PTI |
NEW DELHI: Bajaj family patriarch Rahul Bajaj, who is fighting against the division of the group with younger brother Shishir, today contended before the Company Law Board that the allegations of oppressing minority shareholder made against him were not maintainable.
During the proceedings of the CLB, Rahul's counsels pleaded that the petition filed by Shishir seeking division of the group under the pretext of oppressing a minority shareholder was not maintainable.
"Shishir is seeking his 25 per cent shares in the group by filing a petition before the CLB. He is asking for his stake in the group by filing a case of section 397 of the Companies Act, alleging acts of oppression and mismanagement in the affairs.
"It has nothing to do with oppression. This is a civil litigation not for oppression," Senior advocate and former Attorney General Ashok Desai, appearing for Rahul Bajaj, submitted.
Raising question mark on his 25 per cent 'legitimate expectation', Desai said that Shishir is also claiming stake in some public charitable trusts run by the group company.
"This could not be a part of a family holding. These trusts are actually employee beneficiary trusts and are maintained by Bajaj family members," contended Desai, adding that these trust received donations from the Bajaj group of companies time to time.
Meanwhile, Rahul Bajaj side has filed an application for the board meeting of the group holding company Bajaj Sevashram. Shishir side would reply by tomorrow over this.
Earlier during the proceedings, Shishir had staked claims on the property owned by the Bajaj family-controlled trusts and on the group's flagship company Bajaj Auto.
During the proceedings of the CLB, Rahul's counsels pleaded that the petition filed by Shishir seeking division of the group under the pretext of oppressing a minority shareholder was not maintainable.
"Shishir is seeking his 25 per cent shares in the group by filing a petition before the CLB. He is asking for his stake in the group by filing a case of section 397 of the Companies Act, alleging acts of oppression and mismanagement in the affairs.
"It has nothing to do with oppression. This is a civil litigation not for oppression," Senior advocate and former Attorney General Ashok Desai, appearing for Rahul Bajaj, submitted.
Raising question mark on his 25 per cent 'legitimate expectation', Desai said that Shishir is also claiming stake in some public charitable trusts run by the group company.
"This could not be a part of a family holding. These trusts are actually employee beneficiary trusts and are maintained by Bajaj family members," contended Desai, adding that these trust received donations from the Bajaj group of companies time to time.
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Meanwhile, Rahul Bajaj side has filed an application for the board meeting of the group holding company Bajaj Sevashram. Shishir side would reply by tomorrow over this.
Earlier during the proceedings, Shishir had staked claims on the property owned by the Bajaj family-controlled trusts and on the group's flagship company Bajaj Auto.
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