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Mumbai/New Delhi: A day after Bajaj Auto chairman Rahul Bajaj bought back more than 29% stake in Bajaj Hindustan to be transferred to his brother Shishir Bajaj as part of the settlement, the brothers went another step towards truce, by withdrawing their petitions from the Company Law Board (CLB).
Counsels from both sides informed Board chairman S Balasubramanian that the family dispute has been amicably settled and the share transactions are almost over except for few minor documents, which are yet to be signed.
“In view of this, the petition is dismissed as withdrawn,” said CLB Chairman S Balasubramanian disposing the suit.
The Bajaj family feud first hit headlines in 2002, with Shishir alleging his elder brother Rahul of trying to oust him from the chairmanship of Bajaj Sevashram, one of the group holding companies. This culminated with Shishir group approaching the CLB seeking redressal in March 2003. The board had suggested the warring sides to reach an amicable solution.
On Tuesday, Rahul Bajaj bought 29% stake in Bajaj Hindusthan for Rs 265.67 crore through open market transactions as part of steps to the settlement. About 39.9 million shares Bajaj Hindusthan Ltd representing 28.2% of its outstanding equity changed hands on Monday in two block deals on the Bombay Stock Exchange (BSE) at a weighted average price of Rs 64.50 each. Post transfer of shares, Shishir would have 32.47% stake in Bajaj Hindusthan. On his part, Shishir is expected to give up his holding in Bajaj Auto Ltd.
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