The warring Bajaj brothers Rahul and Shishir informed the Company Law Board on Monday that they were still negotiating for an out-of-court settlement.

During the proceedings at the CLB, lawyers representing the Bajaj scions informed the Board that they were still trying hard to amicably settle differences.

They also assured the CLB that in case of any settlement reached between the brothers, they would inform the Board. Following this, the Board adjourned the matter to January for the next hearing.

Emerging from the hearing, the counsel representing Rahul Bajaj told PTI that their side informed the CLB that the talks between the brothers were still going on.

Last month, the board had directed the two sides to report in the chamber of its Chairman S Balasubramanian and submit three main contentious issues that have stopped them from reaching an agreement.

However, according to the counsel no such thing happened today. In the last hearing, Shishir's side had accused Rahul of mismanagement and oppression in the group holding companies.

The Board had allotted the younger Bajaj three days of consecutive hearing from January 14 next year. On the other hand, Rahul's side has been granted five sessions to wind up its arguments in two terms.

The first leg would be on January 28 and 29 and the second would be from February 14 to February 16 next year.