| The 186 shares constitute 7.30 per cent of the equity in Bachhraj, which holds 24.54 per cent of Bajaj Hindusthan and small holdings in steel company Mukand and Bajaj Auto. Niraj is cousin to Rahul and Shishir. The shares were earlier held by a bunch of business families, including the three Birlas: Sudarshan, Chandrakant and Yash. |
| On January 4, when these shares were produced for transfer to Niraj before the board of Bachhraj & Co, Shishir objected. However, he was outnumbered and overruled. |
| Shishir then lodged a protest and recorded in the minutes: "These purported transfers are without prejudice to the rights of the Shishir Bajaj group in the pending proceedings." |
| With the purchase of these shares, the Bajaj family's holding in Bachhraj has gone up from 71.83 per cent to 79.13 per cent. The control of Bachhraj is important for Shishir, who is battling to secure the control of Bajaj Hindusthan for himself and his son Kushagra, who manages the sugar company. |
| Sources close to Shishir Bajaj, who is breaking away from the family, said his cousin Niraj was entrusted with the task of managing the Bajaj finances with all the brothers giving him the power of attorney. |
| Initially, Niraj bought 33 shares of Bachhraj in the name of Jamnalal Sons, another holding company of the family. But he bought the 186 shares from the Birlas and others in his own name. |
| Twelve years ago, Rahul and Niraj had bought 14 shares of Bajaj Sevashram from the Soni family. Two years later, Bajaj Sevashram declared a bonus of three shares for every one share. |
| Sources close to Shishir say he feels he has been denied a part of this additional holding, which would have come to him had the shares been bought in the name of the family. |
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