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Bajaj family closes ranks

BS Corporate Bureau

The Bajaj family on Sunday appeared reconciled to the fact that after several decades of remaining together and two years of internal discussions, it is eventually headed for a break-up in family assets.

The Bajaj cousins, however, declined to term the separation "split" because four of them - Rahul, Shekhar, Madhur and Niraj - would stick together and only Shishir was planning to go separate way.

Even as they were distressed that what was so long an internal family matter had now been brought out into the open, the family, however, left room open for last-ditch attempts to settle the matter internally.

Rahul Bajaj, chairman of Bajaj Auto and the eldest family member, said: "We are waiting for Shishir to return, and are looking to settle the issue amicably. It is Shishir who has opted out, and I do not know what his plans are at this stage. It is only after discussing with him that we will be in a position to decide on a course of action."

He, however, said he would not like to "disclose any internal family matters".

Shekhar Bajaj, chairman and managing director, Bajaj Electricals, said: "It is not a family split. One could call it a split only if all five of us had decided to go our own ways. If Shishir has decided to separate himself from the group, no one can stop him. But at the same time, all four of us are together and will remain as one family, as we were before."

In testimony to the unity in the rest of the family, Niraj Bajaj, managing director of Mukand, and the youngest cousin of Rahul Bajaj, said, "Rahul is the head of the family and for us he will always be so."

The Bajaj family controls a business empire of around Rs 60 billion.

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