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Our Bureau

New Delhi, Oct. 24 Bajaj Hindusthan Ltd’s Chairman Mr Shishir Bajaj engaged in a legal tussle with elder brother Mr Rahul Bajaj on the division of the group, has alleged that there were attempts to oust him from Bajaj Sevashram.

During proceedings at the Company Law Board (CLB) on Wednesday, Mr Shishir Bajaj’s counsel, Mr R A Dada, said that attempts were made by Mr Shekhar Bajaj to remove Mr Shishir Bajaj as Chairman of Bajaj Sevashram Ltd on instructions from the Bajaj family patriarch, Mr Rahul Bajaj.

“If you see the minutes of the board meeting, they were tampered with. Mr Shekhar Bajaj, who was a director in Bajaj Sevashram had started calling board meetings and many times two different board meetings were convened and two different versions of the minutes were presented,” Mr Dada said.

Mr Shishir Bajaj’s counsel also said that after once such meeting Mr Shekhar Bajaj claimed that he was appointed Managing Director.

According to him, Mr Shishir Bajaj was compelled to file a case as he feared that one day Mr Shekhar Bajaj could declare himself as Chairman of the company. Mr Dada said that such actions could be done only at the behest of Mr Rahul Bajaj, who holds approximately most of the group wealth through Bajaj Auto Ltd.

Insisting that he be paid his share or given control of two companies, Mr Shishir Bajaj said, “Principles of partnership were not very strong in the group. Now, nobody denies the difference in the group and disputes the partition plan. We just wanted it by parity, equality and mutual trust.”

Bajaj Sevashram is crucial for all the Bajaj brothers as it has major cross holding in all group companies and also controls majority of Bajaj Hindusthan, which is controlled by Mr Shishir Bajaj.

Mr Shishir Bajaj also made allegations of favouritism by Mr Rahul Bajaj in promoting his sons Mr Rajeev Bajaj and Mr Sanjeev Bajaj in the company.

“Everyone should be inducted on the board by mutual trust. When my son (Mr Kushagra) was to be inducted then (a decision was effected) that no Bajaj family member would be inducted. Even I suggested that one sons of Mr Rahul Bajaj should come to Bajaj Hindusthan and my son should go to that side, but was opposed,” Mr Dada said on behalf of the younger Bajaj brother.

He also raised concerns on the efforts for fair valuation of his stake in Bajaj Auto due to alleged non-cooperation from Mr Rahul Bajaj.

“There were attempts made by family friend and now Union Agriculture Minister, Mr Sharad Pawar, to end the impasse, but to no avail as the mediators could not fix the share price of Bajaj Auto,” Mr Dada, said

The counsel added that Mr Pawar had fixed maximum share price of Bajaj Auto at Rs 268, against the then market price of Rs 460.

“Mr Rahul Bajaj’s idea is that, yes, we have lost confidence and the younger brother must go out but only at my terms,” contended Mr Dada, adding that questions were also raised on his 25 per cent stake.

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Shishir Bajaj alleges plans were made to oust him from Bajaj Sevashram

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