Rahul Bajaj: Truce time

Mumbai, Jan. 1: The warring Bajaj brothers have finally buried the hatchet.

After an acrimonious battle for over six long years, the Bajaj brothers — Rahul and Shishir — withdrew their petitions from the Company Law Board (CLB) and announced that they had reached an amicable settlement.

Under the terms of the family settlement, the Rahul Bajaj group has bought a little over 29 per cent in sugar producer Bajaj Hindusthan Ltd from group companies through open market transactions.

The acquired shares, along with 0.21 per cent already held by Rahul Bajaj, were transferred to Shishir. After the share transfer, Shishir will have a 32.47 per cent stake in Bajaj Hindusthan.

Similarly, Shishir Bajaj, who personally held a little under one per cent each in Bajaj Auto Ltd, Bajaj Holding & Investments Ltd, Mukand Ltd and Bajaj Electricals, has transferred these shares to the Rahul Bajaj group.

Earlier, in a bid to exit from all group investment firms that held stakes of various companies in the Rahul Bajaj faction, Shishir had sold his holding in the group’s primary investment firm Bajaj Sevashram to Rahul Bajaj.

Bajaj Sevashram has 100 per cent in another holding company Jamnalal Sons which, in turn, holds 78 per cent in another group company Bachhraj & Co.

“The Bajaj group, which comprises Rahul, Shekhar, Madhur and Niraj Bajaj and their families is pleased to announce that it has come to an amicable settlement with the Shishir Bajaj Group (SKB Group) under a family settlement agreement on December 21,” said a press release issued by the Rahul Bajaj faction.

The statement said that a petition filed by SKB Group before the CLB was withdrawn on December 31. With this, all disputes between the two sides have been resolved.

It added that the Rahul Bajaj group shareholding in Bajaj Hindusthan and Bajaj Consumer Care was now with SKB Group. Further, the promoter shareholding in six Bajaj group companies — Bajaj Auto Ltd, Bajaj Electricals Ltd, Mukand Ltd, Bajaj FinServ Ltd, Bajaj Holding & Investments Ltd and Hercules Hoist Ltd — is now with Rahul Bajaj and his three cousins.

On Wednesday, the CLB disposed of a petition filed by Shishir after both sides submitted that the dispute had been settled amicably.