Pune, Jan 1 The creation of two Bajaj industry groups, following a settlement in which no cash was exchanged, brings the curtain down on what is one of the longest running family feuds in the history of corporate India.
The two groups that have emerged with the December 31, 2008 dismissal of the petition filed by Mr Shishir Bajaj with the Company Law Board in March 2003 is the Bajaj Group comprising Mr Rahul and his paternal cousins Mr Shekhar, Mr Madhur and Mr Niraj Bajaj and their families, and the Shishir Bajaj Group (SKB Group).
An ebullient Mr Rahul Bajaj said, “I am delighted that the issue has been settled amicably and all disputes resolved.” As a result of the transfer of Mr Shishir’s 25 per cent share in the Bajaj group’s main investment vehicle Bajaj Sevashram to him, his total holding in this company stands revised to 50 per cent.
The holding of each of the other three Bajaj Group members (sons of Mr Rahul’s uncle Mr Ramakrishna) remains 16.67 per cent. Mr Shishir has resigned as Chairman of Sevashram and a new board will duly be constituted, Mr Rahul Bajaj said.
The Bajaj Group shareholding in Bajaj Hindustan Ltd and Bajaj Consumer Care is now with the SKB Group. The promoter shareholding of all other companies in the Bajaj Group, including that held by the SKB Group is now with the four brothers of the Bajaj Group. This includes companies like Bajaj Auto Ltd, Bajaj Electricals Ltd, Mukand Ltd, Bajaj FinServ Ltd, Bajaj Holding & Investments Ltd, Hercules Hoist Ltd, etc.Related Stories:
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