Business Daily from THE HINDU group of publications
Tuesday, Nov 27, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Nov 27, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Corporate Disputes
Our Bureau New Delhi, Nov. 26 The Bajaj brothers — Mr Rahul Bajaj and Mr Shishir Bajaj — informed the Company Law Board (CLB) that the negotiations for an out-of-court settlement were still going on. During the proceeding at the CLB on Monday, counsels representing the Bajaj brothers informed the Board that they were still trying hard for an amicable settlement on the differences. They also assured the CLB Chairman, Mr S. Balasubramanian, that in case any settlement was reached by the brothers they would inform the Bench immediately. “The talks are still going on so, so it would not be correct to comment on the issue right now,” the counsel representing Mr Rahul Bajaj said after the hearing. Last month, the Board had directed the two sides to report in the chamber of the Chairman and submit the three main contentious issues that have stopped them from reaching an agreement. But, according to both counsels, no such thing happened during the proceeding today. In the last hearing in October, Mr Shishir Bajaj’s side had accused Mr Rahul Bajaj of mismanagement and oppression in the group holding companies. The Board had allotted the younger Bajaj three days of consecutive hearing from January 14 to 16 next year. Mr Rahul Bajaj’s side, on the other hand, 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 16 next year. Bajaj brothers given more time to settle dispute amicably Talks between Bajaj brothers end in stalemate Bajaj brothers seek more time from CLB More Stories on : Corporate Disputes | Two/Three Wheelers | Bajaj Auto Ltd
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