The Hindu Business Line : Bajajs to approach CLB to seal deal

Pune, Dec. 31 The next formality in the settlement of the Bajaj family feud is obtaining the seal of approval on the transfer of Bajaj Hindusthan shares to Shishir Bajaj by Mr Rahul Bajaj from the Company Law Board (CLB) and the Bombay High Court.

“We have started by jointly going to the CLB to obtain its consent decree and this should happen today or tomorrow,” the Bajaj Group Chairman, Mr Rahul Bajaj, said adding that Mr Niraj Bajaj and Mr Kushagra Bajaj would represent the family’s two factions in the CLB.

“The approval from the Bombay High Court will take place only once it re-opens on January 9. I expect this will be done by January 15,” he said.

In two separate block deals executed on December 30, Mr Rahul Bajaj bought 41.3 million of a total of 43.2 million shares of Bajaj Hindusthan Ltd sold at the Bombay Stock Exchange. This included 39.9 million shares bought from family investment firms Jamnalal and Sons and its subsidiary Bachhraj and Co.

The shares, representing 29.2 per cent stake in Bajaj Hindusthan, are in the process of being transferred to his brother Mr Shishir Bajaj in an off-market deal, as part of the settlement of the family dispute which first came out in the open in March 2003 with Shishir seeking the intervention of the CLB in splitting the family assets.

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