Bajaj Tempo Ltd shareholders on Tuesday voted in favour of dropping "Bajaj" from the company's name at an extraordinary general meeting held in Pune.
Although representatives from the Bajaj camp were not available for comments, sources in Bajaj Tempo said the meeting took place as scheduled and the poll counted in favour of removing the "Bajaj" name.
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However, company executives refused to divulge any further information on the issue as it was under the consideration of the Bombay high court.
Bajaj Tempo chairman Abhay Firodia refused to discuss the outcome of the meeting. Rahul Bajaj, too, was not available for comments. Sources close to Bajaj said he was out of the country. It is still not clear who represented Bajaj Auto at the meeting.
Soon after the Firodias decided to change the name of Bajaj Tempo to Force Motors, the Bajaj camp took the issue to the Department of Company Affairs, complaining of being "edged" out of the company.
The Bajaj camp, which holds close to 24 per cent in Bajaj Tempo, raised objections on the manner in which the name change was planned to be effected.
While Firodia said an ordinary resolution would suffice to effect a name change, the Bajajs insisted on a special resolution. A special resolution will effectively empower the Bajajs, along with a few other shareholders, to stall the name change.
While it seemed that talks were on to settle the issue with each of the two parties divesting their cross-holdings, Firodia decided to maintain the status quo.
