Family feud: Rahul, Shishir working on out-of-court deal
Bajaj group chairman Rahul Bajaj on Thursday evening asserted that his side and the Shishir Bajaj group are working on an out-of-court settlement on business separation plan.
By TNN |
NEW DELHI: Bajaj group chairman Rahul Bajaj on Thursday evening asserted that his side and the Shishir Bajaj group are working on an out-of-court settlement on business separation plan. Earlier in the day, a news agency had quoted Mr Bajaj as saying that his younger brother Shishir’s group was demanding more than what it wanted earlier, and that was not acceptable to his side.
However when ET contacted Mr Bajaj, he said: “I have not made any such comments. The next hearing is scheduled for October 22, and we will try to work out an out-of-court settlement before that. In case we do not succeed, then we do not have any option but to go to court.” He said the court would have three consecutive hearings from October 22 to 25.
The Company Law Board had asked the family to settle the issues amicably by October 22. On Wednesday, Bajaj Auto vice-president Madhur Bajaj had said that they were still trying to settle the issue. The Bajaj family feud has been going on for the past four-five years. Despite several rounds of negotiations involving mediators, the two parties have failed to reach a settlement.
The dispute primarily centres on the price at which the cross-holdings of the Shishir Bajaj group in Bajaj Auto and the Rahul Bajaj group in Bajaj Hindusthan are sold to each other. Shishir Bajaj has also moved the CLB to restrain the Rahul Bajaj faction from removing him from directorship of key holding companies.
Commenting on the stand-off at Bajaj Auto’s Akurdi plant and Agriculture minister Sharad Pawar’s comments he said: “Rajiv Bajaj, the labour unions, Maharashtra’s labour minister and Sharad Pawar will meet on Saturday to discuss the issue.” Mr Pawar on Wednesday had expressed his displeasure on the decision of Bajaj Auto to stop production at Akurdi.
Mr Pawar’s NCP had supported Mr Rahul Bajaj’s candidature for the Rajya Sabha last year.
However when ET contacted Mr Bajaj, he said: “I have not made any such comments. The next hearing is scheduled for October 22, and we will try to work out an out-of-court settlement before that. In case we do not succeed, then we do not have any option but to go to court.” He said the court would have three consecutive hearings from October 22 to 25.
The Company Law Board had asked the family to settle the issues amicably by October 22. On Wednesday, Bajaj Auto vice-president Madhur Bajaj had said that they were still trying to settle the issue. The Bajaj family feud has been going on for the past four-five years. Despite several rounds of negotiations involving mediators, the two parties have failed to reach a settlement.
The dispute primarily centres on the price at which the cross-holdings of the Shishir Bajaj group in Bajaj Auto and the Rahul Bajaj group in Bajaj Hindusthan are sold to each other. Shishir Bajaj has also moved the CLB to restrain the Rahul Bajaj faction from removing him from directorship of key holding companies.
Commenting on the stand-off at Bajaj Auto’s Akurdi plant and Agriculture minister Sharad Pawar’s comments he said: “Rajiv Bajaj, the labour unions, Maharashtra’s labour minister and Sharad Pawar will meet on Saturday to discuss the issue.” Mr Pawar on Wednesday had expressed his displeasure on the decision of Bajaj Auto to stop production at Akurdi.
Mr Pawar’s NCP had supported Mr Rahul Bajaj’s candidature for the Rajya Sabha last year.
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