Shishir Bajaj To Continue As Bajaj Sevashram Chairman

Mumbai, October 29: | Updated: Oct 30 2002, 05:30am hrs
The Bajaj Sevashram annual general meeting (AGM) has passed off uneventfully with Mr Shishir Bajaj set to continue as chairman of the company. The other family member on the board Mr Shekhar Bajaj will also continue in his present capacity. The brief meeting, which lasted barely five minutes, saw only formalities such as reading of the auditors statement and passing of the accounts.

Sources said that the legal view that prevailed at the AGM which was held on Tuesday was that since Bajaj Sevashram had turned from a public limited to a private limited company, there was no need for a separate resolution seeking reappointment of directors. The whole issue, had acquired a different hue, following the withdrawal of the resolution seeking the reappointment of Mr Shishir Bajaj and Mr Shekhar Bajaj on the Sevashram board. The ground for the withdrawal was that in case of a private limited company, there was no requirement for a resolution seeking reappointment. However, the conjecture remained that it was primarily to avoid the possibility of being defeated which led Mr Shishir Bajaj to withdraw the resolution.

Besides the two Bajaj brothers, there are three other directors on the Bajaj Sevashram board. The Rahul Bajaj faction had asked its legal advisers to look into the issue of withdrawal of notices regarding the appointment of Mr Shishir Bajaj and Mr Shekhar Bajaj as directors on the board of Bajaj Sevashram.

There is no clearcut provision in the Company Law, for either the public limited or privately held companies, regarding the question of withdrawal of a notice in totality or in part before the AGM.