Business Daily from THE HINDU group of publications
Wednesday, Aug 23, 2006
Business Daily from THE HINDU group of publications Wednesday, Aug 23, 2006 |
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Corporate
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Corporate Disputes
Our Bureau
New Delhi , Aug 22 The Company Law Board (CLB) has asked Mr Rahul Bajaj, Mr Shishir Bajaj and others to try to implement a settlement package and report it by mid-September. CLB has been informed by the lawyers that differences remain between the parties on the issue of transfer of shares for finalising the split of the Bajaj Group. "Documents are still not ready for signature," said counsels appearing for the parties. After hearing the arguments, CLB Chairman Mr N. Balasubramanian asked both parties to try to implement the settlement package and report it by mid-September. "Several meetings (approximately 18-20) have been held by the parties to sort out the differences," said the counsels, adding that it is now "just a question of adding finality." Both the sides have filed affidavits before the CLB that a settlement has been arrived at and only documentation work is to be completed. The differences in the Bajaj family emerged when Mr Shishir Bajaj reportedly wanted to take full control of the companies he manages (Bajaj Hindustan and Bajaj Sevashram). In return, he was prepared to part with his stake in Bajaj Auto and other group firms.
More Stories on : Corporate Disputes | Regulatory Bodies & Rulings | Company Law | Bajaj Auto Ltd
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