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Our Bureau

New Delhi, Oct. 25 The Company Law Board (CLB) has asked the two Bajaj brothers — Mr Rahul Bajaj and Mr Shishir Bajaj — to prepare a report on the areas of dispute which are holding up the mutually acceptable agreement for splitting the business.

The CLB Chairman, Mr S. Balasubramanian, also sought to know the areas of difference over which the brothers terminated their memorandum of understanding, drafted for the division of the group last month.

“You first tell me the areas of difference. I would then make an attempt to resolve the issue. I am asking both the sides about the three differences but no one is talking about that,” he said during the proceeding on Thursday.

Mr Balasubramanian also advised the two sides to settle the matter amicably since it was a family dispute and suggested that they do not fight in the public domain.

The senior counsel and former Attorney General, Mr Ashok K. Desai, appearing for Mr Rahul Bajaj, had informed the Principal Bench that the settlement was stalled at three points on Monday. He, however, did not elaborate on what the issues were.

He also opposed the intervention of the board on the issues, saying it could make the case more complex and his side was quite reluctant for such interference at this stage.

“In my view, both sides should sit and finish the matter. We would not like to involve the tribunal at this stage right now as the areas of difference are very limited,” he said.

Responding to this, Mr Balasubramanian said, “It’s not a dispute. Both the parties agreed to part ways. One brother is willing to go out and the other has not opposed this. All I am saying is adopt a proper give-and-take method.”

Both parties have been asked to report the progress on November 26. However, the board made it clear that both sides would continue their arguments in the four-year-old case if they fail to reach a settlement by November 26.

Mr Shishir Bajaj’s side has been given three days of consecutive hearing from January 14 to 16 next year. The other side has been granted five sessions, the first leg would be on January 28 and 29 and the second would be from February 14 till 16.

More Stories on : Corporate Disputes | Courts/Legal Issues | Bajaj Auto Ltd

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