Differences still persist among Rahul Bajaj, his brother Shishir Bajaj and others on the issue of transfer of shares for finalising the split of the Bajaj group, the Company Law Board has been informed by the lawyers."Documents are still not ready for signature," counsels appearing for Rahul and Shishir Bajaj said.CLB Chairman N Balasubramanian, after hearing the arguments, asked both parties to try and implement the settlement package and report it by mid-September.The MoU regarding the split of the group is ready following the suggestions made by chartered accountant D S Mehta, and the differences on share transfers would be sorted out soon, the counsels said."Several meetings (approximately 18-20) have been held by the parties to sort out the differences," counsels informed the board. "It is now just a question of adding finality," they said.During the proceedings, Shishir Bajaj's counsel requested the board for not setting any time frame as "some new points were raised by both sides."This was bitterly opposed by senior counsel Ashok Desai, appearing on behalf of Rahul Bajaj, saying that the D S Mehta formula should be implemented. "If you (Shishir) want to go for a court-room battle, we would go for that, but we would not want it for sake of time" Desai said.Shishir Bajaj's counsel also demanded for a third party intervention to get an independent view on the matter, which was opposed by Desai saying, "we do not want re-opening of anything."Commenting on this, the CLB chairman said: "Now parties are out of the settlement process, and advocates and charted accountants have taken over."Differences in the Bajaj family came to light after Shishir Bajaj wanted to take full control of the companies managed by him -- Bajaj Hindustan and Bajaj Sevashram. In return, he was asked to part with his stake in Bajaj Auto and other group companies.Holdings in the Bajaj family are equally divided among Rahul Bajaj, Shishir Bajaj, Shekhar Bajaj, Madhur Bajaj and Niraj Bajaj, and the scions hold approximately 30-40% in each group company.The family has been plagued by in-fighting ever since Shishir asked other family members to buy him out as he wanted an exit from Bajaj Auto to consolidate his position in two companies - Bajaj Healthcare and Bajaj Hindustan.The family is reportedly split with Shishir Bajaj on one side and Rahul, Niraj, Shekhar and Madhur Bajaj on the other side.
