Business Daily from THE HINDU group of publications
Tuesday, Oct 23, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 23, 2007 ePaper | Mobile/PDA Version |
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Corporate Disputes Corporate - Courts/Legal Issues
Our Bureau New Delhi, Oct. 22 It could be a long drawn out court battle with the two Bajaj brothers — Mr Rahul Bajaj and younger brother Mr Shishir Bajaj – failing to resolve their differences on the proposed division of the group companies. At the hearing of the Company Law Board (CLB) on Monday, Mr Ashok Desai, counsel representing the elder Bajaj brother, informed the CLB Principal Bench, Mr S. Balasubramanian, “We had hoped to resolve the differences in the last couple of months. But unfortunately still three to four issues are yet to be resolved.” The CLB, which in August-end adjourned hearing on the four-year-old case that has reached the final stages of argument, had given the two sides time to find an amicable solution and report to it. Mr Desai said that there was an offer made last week to his younger sibling, who turned it down. He also informed that Mr Shishir Bajaj had terminated the memorandum of understanding between the brothers to divide the group. This was opposed by counsels appearing for Mr Shishir Bajaj, saying it was the elder brother who first ended the MoU by filing a suit before the Bombay High Court. Meanwhile, Mr Shishir Bajaj’s side has filed a rejoinder before Bench for inspecting documents of some group companies. Mr Desai also alleged that the Shishir Bajaj camp sold some shares belonging to a few welfare trusts and it was against the law. He added that many group firms such as Rishav Trading and Bajaj Trading were wrongly included in the petition to improve his share in the business. After hearing arguments of both the sides, Mr Balasubramanian posted the matter for a three-day hearing starting on Tuesday. De-merger a four-year-old issue, says Bajaj Bajaj brothers seek more time from CLB Shishir-Kushagra faction claims 100% of Bachhraj's shares in Bajaj Hind No intention to oust Shishir from group cos, says Rahul Bajaj More Stories on : Corporate Disputes | Courts/Legal Issues | Bajaj Auto Ltd
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