| During the proceedings before the CLB, a battery of lawyers representing both sides requested the principal bench to grant a day's time to discuss a possible settlement. |
| CLB Chairman S Balasubramanian accepted their request and adjourned the hearing for the day. |
| The parties will report the outcome of their meeting, which is being convened today, to the CLB. |
| The proceedings in this four-year-old case, resumed before the CLB after a gap of nearly six months, following a direction from the Bombay High Court. |
| The matter is at the final arguments stage and was listed for three days of continuous hearing, starting today. |
| Admitting an application by Shishir Bajaj in March this year, the principal bench of the CLB stayed all board meetings of the two holding companies Bajaj Sevashram and Jamnalal Sons Pvt Ltd. |
| Shishir had opposed board meeting of Bajaj Sevashram and Jamnalal Sons to induct Rahul's son Sanjiv and cousin Niraj. |
| He sought a ban on the induction of two representatives of the Rahul Bajaj faction in the five-member board of Bajaj Sevashram and one in the four-member Jamnalal Sons board. |
| Directorship and control of the two companies are crucial in the fight over control of the Bajaj empire as these two firms hold shares in Bajaj Auto, Bajaj Electricals, Bajaj Hindusthan and Mukand Ltd. |
| In addition, Jamnalal Sons, which is a wholly-owned subsidiary of Bajaj Sevashram, holds a 78 per cent stake in Bachhraj & Co Pvt Ltd (BCOPL), the company through which the Bajaj family holds a 24.54 per cent stake in BHL. |
| The two sides are battling over the implementation of a family settlement that was proposed by former SEBI chairman D R Mehta. |
| As per the MoU, Shishir was to sell his stake in Bajaj Auto in return for the Rahul group exiting Bajaj Hindusthan at a price prevailing at the time of settlement. |
Top Section
Explore Business Standard