Bajaj family dispute comes to an endJanuary 1st, 2009 - 10:42 pm ICT by IANS
New Delhi, Jan 1 (IANS) The six-year-old Bajaj family dispute over the division of group companies and assets came to an end Thursday with brothers Rahul Bajaj and Shishir Bajaj withdrawing their petitions from the Company Law Board (CLB).The Bajaj family feud first hit headlines in 2002, when Shishir Bajaj accused his elder brother of trying to oust him from the chairmanship of Bajaj Sevashram, one of the group holding companies.
Shishir Bajaj approached the Company Law Board, seeking redressal in March 2003. The board had then suggested that the two sides should reach an amicable solution.
On Dec 22, the Shishir Bajaj-owned Bajaj Hindustan said in a statement filed with the Bombay Stock Exchange (BSE) that Rahul Bajaj would acquire a little more than 29 percent stake from other promoters at market prices Dec 30 and transfer his stake to Shishir Bajaj.
On Wednesday, Rahul Bajaj bought 29 percent stake in Bajaj Hindustan for Rs.2.65 billion (Rs.265.6 crore) through open market transactions as part of steps to the settlement.
A joint statement released by Bajaj brothers - Rahul, Shekhar, Madhur and Niraj - Thursday said the group shareholding in “Bajaj Hindustan Ltd and Bajaj Consumer Care is now with the Shishir Bajaj Group (SKB)”.
“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,” it added.