Bajajs seek time from CLB for settlement

Rahul Bajaj and Shishir Bajaj, who are engaged in a legal battle over division of the group, today sought time from the Company Law Board (CLB) to resolve their differences.

During the proceedings of the CLB, a battery of lawyers representing both sides requested the principal bench to grant a day's time to discuss prospects of a settlement.

Accepting the request, CLB chairman S Balasubramanian adjourned the hearing for the day.

The two sides are expected to report before the CLB about the outcome of their meeting being convened today.

The CLB resumed proceedings after a gap of nearly six months in the four-year-old case following a direction of the Bombay High Court.

The case is at the final argument stage and has been listed for three days of continuous hearing.

Admitting an application by the Shishir camp, the principal bench of the CLB had, in March this year, stayed all board meetings of the two holding companies Bajaj Sevashram and Jamnalal Sons. Later, after a mutual consent of the two sides, the Bombay High Court asked the CLB to go ahead with the matter and fix a new date for hearing the case.

Shishir had opposed the board meetings of Bajaj Sevashram and Jamnalal Sons to induct Rahul Bajaj'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.