| The Nambiar family feud is heading towards an out-of-court settlement. The factions, led by TPG Nambiar and his son-in-law Rajeev Chandrashekhar, respectively, have sought the adjournment of a Supreme Court hearing scheduled for tomorrow. Nambiar is the chairman of the BPL Group and Chandrashekhar heads the group's telecommunications arm. |
| "We have been instructed to seek an adjournment and have received a communication that both the parties are in favour of postponing the hearing. This can be an indication of a compromise," Nambiar's lawyers said. Sources in the Chandrashekhar camp also confirmed the development, saying an out-of-court settlement was a possibility. |
| Nambiar had filed a special leave petition in the apex court against a Karnataka High Court decision setting aside the Company Law Board's order on transfer of shares by Chandrashekhar. The Company Law Board had initially asked BPL Communications to maintain status quo in its shareholding pattern. However, it reversed its decision lifted the stay on the transfer of shares in the company. |
| Chandrashekhar's counsel had said before a Company Law Board Bench that any freeze on the transfer of the shares could go against the interests of the three companies and their promoters. The family row began when Nambiar filed a case against his son-in-law in the Company Law Board. |
| Nambiar sought to stop Chandrashekhar from selling his holding in BPL Communications and operating firms BPL Mobile Communications (Mumbai) and BPL Mobile Cellular (Maharashtra, Tamil Nadu, Kerala). |
| He alleged that Chandrashekhar, with the help of three investment companies owned by him -- Vectra Holdings, Surya Samudra Finance and Epsilon Advisor -- had gained "illegal" control over BPL Mobile. |
| Chandrashekhar owns 35 per cent of BPL Communications. The Nambiars own 5 per cent and private investors, who are with Chandrashekhar, 25 per cent. Effectively, Chandrashekhar controls 60 per cent of the holding company. |
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