Shishir Bajaj and two other family members have exited Bajaj Electricals by selling their 2.05 per cent stake in the company following a family dispute settlement with elder brother Rahul Bajaj.
The Bajaj family dispute is set to end, finally. Shishir Bajaj today sold his 25 per cent holding in the primary group investment firm Bajaj Sevashram to his brother Rahul Bajaj in an off-market deal. This was after Rahul Bajaj transferred his group's entire 29.62 per cent shareholding in Bajaj Hindusthan.
Bajaj Auto Chairman Rahul Bajaj said on Monday there was no intention to oust Shishir Bajaj from Bajaj Hindusthan, as alleged by his nephew Kushagra Bajaj, CEO of Bajaj Hindusthan.
Differences still persist between Rahul Bajaj, his brother Shishir Bajaj and others on the issue of transfer of shares for finalisng the split of the Bajaj group, the Company Law Board has been informed by the lawyers.
Shishir, Rahul factions dissent over all-important chairmanship.
The warring Bajaj brothers, Rahul and Shishir, have finally decided to terminate a family settlement agreement after prolonged peace talks for which they had also sought additional time from Company Law Board.
After signing the agreement documents on Tuesday night, the Shishir and Rahul Bajaj factions submitted the consent terms of the settlement to the Company Law Board on Wednesday and withdrew the petition.
Rahul Bajaj has reached an 'in-principle' agreement with his brother Shishir Bajaj on the division of the Bajaj empire, but the mercurial chairman of the two-wheeler major said the settlement had been delayed due to tax implications.
Signalling the end of a six-year long dispute, the warring Bajaj brothers have reached an agreement wherein family patriarch Rahul Bajaj has agreed to give control of Bajaj Hindusthan to younger brother Shishir.
Shishir Bajaj, the estranged brother of group patriarch Rahul Bajaj, and his son Kushagra have sought a 25 per cent share in the assets controlled by these trusts.
Rahul Bajaj's attempts to induct his cousin Niraj Bajaj and son Sanjiv Bajaj on the boards of Bajaj Sevasram and Jamnalal Sons -- the two group holding companies -- has hit a wall.
This is part of internal transactions. Nothing has been sold outside the group.
The Uttar Pradesh government today ordered first information reports to be lodged against all the 16 sugar mills that Bajaj Hindusthan owns in the state for allegedly failing to honour farmers' payment commitments for the crushing season 2007-08. Shishir Bajaj-controlled Bajaj Hindusthan is the country's largest sugar producer.
Shishir Bajaj-promoted Bajaj Hindusthan, India's largest sugar producer, is in talks with its nearest competitor Balrampur Chini Mills to acquire the 36.67 percent stake of the current promoters, the Kolkata-based Saraogis.
An interview with Bajaj Hindusthan Limited CEO Kushagra Bajaj.
The Bajaj family feud has taken another turn with Rahul Bajaj's Bajaj Auto and its associates increasing stake in Bajaj Hindusthan.
An out-of-court settlement for division of the Bajaj empire appears unlikely anytime soon, with patriarch Rahul Bajaj accusing younger brother Shishir on Thursday of raising additional demands that cannot be met.
The two factions of Bajaj business family with Rahul Bajaj on one side and his brother Shishir on the other have yet to agree upon a final price for sale of the younger siblings 6% stake in Bajaj Auto Ltd.
Within days of announcing that he would step down as the chairman of Bajaj Auto, Rahul Bajaj on Thursday said he expects the family feud with younger brother Shishir to be settled by June this year.
Even as the Bajaj imbroglio comes up for hearing before the Company Law Board (CLB) on October 23, there is every indication that this might turn out to be the longest-running family feud of all times.
The Company Law Board on Thursday asked the warring Bajaj brothers - Rahul and Shishir - to prepare a report on the areas of dispute that are holding up a mutually acceptable agreement for splitting the business empire.CLB chairman S Balasubramanian, who is hearing arguments by the two sides, also sought to know the points of difference over which they terminated last month their Memorandum of Understanding (MoU) drafted for division in the group.
He was a plain talker and never hesitated to put forth his point of view
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
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