Business Daily from THE HINDU group of publications
Saturday, Sep 01, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Sep 01, 2007 ePaper |
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Corporate
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Corporate Disputes
The brothers are expected to report the outcome of the negotiations before the Bench on October 22.
Our Bureau New Delhi, Aug. 31 The out-of-court negotiations between the Bajaj brothers, Mr Rahul Bajaj and Mr Shishir Bajaj, have ended in a stalemate, with the brothers failing to come to an understanding on the division of the group. Lawyers representing both sides, on Friday, sought more time from the Company Law Board (CLB) to carry on the discussions. The counsels representing Mr Rahul Bajaj and Mr Shishir Bajaj informed the principal Bench of the CLB that the brothers have not been able to arrive at an out-of-court settlement and that the negotiations between the parties would continue. Accepting the request, the CLB Chairman, Mr S. Balasubramanian, adjourned the matter to the third week of October. Next hearing
Both brothers are expected to report the outcome of the negotiations before the Bench on October 22. However, even during this period if they fail to reach a settlement the Board would resume its scheduled procedure and hear the case for three consecutive days from October 23-25. The CLB had resumed the case proceedings on August 29 after a gap of almost six months, following a direction of the Bombay High Court. However, the Board had adjourned the matter in the last two days on the request of the two sides. Senior counsel and former Attorney General, Mr Ashok Desai, representing Mr Rahul Bajaj, hoped that by October the brothers would be able to reach a settlement. “October is a season between Dussehra and Deepawali and considered a season of good will. So we will try again during this period,” Mr Desai said.
Related Stories: Bajaj brothers seek more time from CLB Bajaj brothers close to reaching settlement Shishir-Kushagra faction claims 100% of Bachhraj's shares in Bajaj Hind More Stories on : Corporate Disputes | Two/Three Wheelers | Diversified | Bajaj Auto Ltd
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