Financial Daily from THE HINDU group of publications
Friday, Mar 18, 2005
Financial Daily from THE HINDU group of publications Friday, Mar 18, 2005 |
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Corporate
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Corporate Disputes Complete settlement package in two months, CLB tells Bajaj family Our Bureau
New Delhi , March 17 TO put an end to the never-ending story of the proposed split between the scions of the Bajaj Group, the Company Law Board (CLB) on Thursday asked Mr Rahul Bajaj, Mr Shishir Bajaj and others to try to complete and give effect to a settlement package in next two months. Both the sides have filed affidavits before the CLB that a settlement has been arrived at and only documentation work is to be completed. To this, the board, comprising CLB Chairman, Mr S. Balasubramanian, asked both the parties to try to implement the settlement package in the next two months. The differences in the Bajaj family came to light when Mr Shishir Bajaj wanted to take full control of the companies he manages: Bajaj Hindustan and Bajaj Sevashram. In return, he was prepared to part with his stake in Bajaj Auto and other group firms. The Bajaj family and associates hold approximately 30-40 per cent in each group company, while the holdings are equally divided among Mr Rahul Bajaj, Mr Shishir Bajaj, Mr Shekhar Bajaj, Mr Madhur Bajaj and Mr Niraj Bajaj. The family has been plagued by infighting, since Mr Shishir Bajaj asked other family members to buy him out, as he wanted an exit from Bajaj Auto to consolidate his position in his other two companies, Bajaj Healthcare and Bajaj Hindustan Ltd. The Bajaj family is reportedly split with Mr Shishir Bajaj on one side and Mr Rahul Bajaj, Mr Niraj Bajaj, Mr Shekhar Bajaj and Mr Madhur Bajaj on the other. According to the shareholding information available on the BSE, the promoters and persons acting in concert hold about 29.17 per cent stake in the company. Further, analysts had then said even though Mr Shishir Bajaj has a 6 per cent stake in the company, he couldn't sell the entire holding because it is with the holding company, Bajaj Sevashram.
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