Marking the settlement of a six year long family empire division dispute, warring Bajaj brothers, Rahul and Shishir today withdrew their petitions from the Company Law Board.
Counsels from both sides informed board Chairman S Balasubramanian that the family dispute has been amicably settled and the share transactions are almost over except for few minor documents, which are yet to be signed.
The Bajaj family feud first hit headlines in 2002, with Shishir alleging his elder brother Rahul of trying to oust him from the chairmanship of Bajaj Sevashram, one of the group holding companies.
This culminated with Shishir group approaching the Company Law Board seeking redressal in March 2003. The board had suggested the warring sides to reach an amicable solution.
Yesterday, Rahul Bajaj bought 29 per cent stake in Bajaj Hindusthan for Rs 265.67 crore through open market transactions as part of steps to the settlement.
The acquired shares along 0.21 per cent already held by Rahul as well as the holdings of six other family members amounting to 29.62 per cent, to his brother Shishir.
More From This Section
Post transfer of shares, Shishir would have 32.47 per cent stake in Bajaj Hindusthan.
On his part Shishir is expected to give up his holding in Bajaj Auto.