Feuding industrialist brothers Rahul Bajaj and Shishir may not be anywhere near an amicable settlement on the division of their business empire. The dispute is set to drag further with both sides hinting at the improbability of an out-of-court settlement anytime soon.
During proceedings in the Company Law Board (CLB), counsels representing the two sides said peace talks were being held, but they were not very hopeful of any outcome in the immediate future. The two sides had in November last year sought time from CLB for negotiating an out-of-court settlement.
Shishir's counsel alleged that Rahul was depriving him of his 25% stake in the group by insisting that the younger brother was entitled to a mere 2.5% share. "When it comes to valuation of the group for division, Rahul Bajaj says that "I would give you only 2.5 %" and it is highly unethical," Shishir's counsel Rafeeq Dada said.
He also said Rahul had even rejected Shishir's proposal to make their mother a mediator for a peaceful settlement of the dispute. "My client asked him (Rahul) to allow her (the mother) to decide whether I have 25% or 2.5%, and the reply was that she should not be bothered," Mr. Dada said.
Contending that Rahul was controlling Bajaj Auto through the 30% stake owned by the Bajaj family, he said Shishir had a quarter of those shares. Mr Dada also submitted that Rahul had denied Shishir's rights in group firms, including BAL, on the pretext that these were public limited companies and Shishir could not have any right in those entities.
Shishir's counsel stressed his client wanted his 25% share in the group either in form of management control of group companies Bajaj Hindustan and Bajaj Consumer Care or in cash by a fair valuation of the group.
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