Minority shareholders of Bachhraj and Co, a Bajaj group investment firm, have moved the Mumbai High Court seeking a stay on the transfer of shares between Rahul and Shishir Bajaj as part of their family settlement package.
In their petition, minority shareholders challenged the sale/transfer of the shares of the Bajaj group investment firm, Bachhraj and Co, to Shishir Bajaj and sought a stay from the Court.
Last week, signalling that an agreement between the Bajaj factions has been reached, elder brother Rahul Bajaj had agreed to purchase shares in Bajaj Hindusthan held by other Bajaj family members and group companies -- Bachhraj & Co and Jamnalal Sons -- which would be transferred in favour of Shishir Bajaj.
According to the deal, Rahul will acquire over 4.1 crore shares, amounting to a 29.2 per cent stake in the sugar major by way of inter se transfer of shares among the promoters through market transactions at the market price as on December 30.
The acquired shares, along with 0.21 per cent already held by Rahul as well as the holdings of six other family members amounting to 29.62 per cent, will then be transferred in favour of Shishir.
"The acquisition price per share is nil, in terms of the family arrangement cum settlement and on account of distribution of the estate of the late Kamalnayan Bajaj," a Bajaj Hindusthan notification to the National Stock Exchange said.
