Bajaj Tempo shareholders okay name change

According to BTL, members present personally or represented by proxies holding 1,04,83,010 share that is 79.56 per cent of the total shares voted on the resolution. “72,78,982 votes representing 55.24 per cent of the total paid up capital of the company voted in favour of the resolution. 32,04,028 votes representing 24.32 per cent of the capital — mainly representing Bajaj Auto— cast their vote were against the resolution,” BTL said.

But Bajaj Tempo will have to wait for making the change as the writ petition filed by Bajaj Auto Ltd against the name change comes up for hearing in the Bombay High Court on April 13.

Abhay Firodia, the Firodia family and associates hold 51.77 per cent in Bajaj Tempo while the Indian public holds 23.20 per cent. Bajaj Auto owns 23 per cent in the company. Rahul Bajaj, Chairman of Bajaj Auto had publicly opposed the Firodia’s plan to drop the ‘Bajaj’ tag from the Bajaj Tempo Ltd. He even moved the court which has asked Daimler Chyrsler to present its views on the matter. The Firodias had argued that they changed the name of the company after a directive from the government.