Bajajs announce 145;amicable settlement146;

The Bajaj brothers finally laid to rest almost six years of dispute over the family business, and announced an 8220;amicable settlement...

The Bajaj brothers finally laid to rest almost six years of dispute over the family business, and announced an 8220;amicable settlement8221; on Wednesday, the first day of the new year 2009.

A statement from the Rahul Bajaj faction said, The Bajaj Group, which comprises Rahul, Shekhar, Madhur and Niraj Bajaj and their families, was pleased to announce that it had come to an amicable settlement with the Shishir Bajaj Group SKB Group under a Family Settlement Agreement on December 21, 2008. The petition filed by SKB Group with the Company Law Board is dismissed as withdrawn on December 31, 2008. With this, all disputes between both sides stand resolved.

8220;This is the best way we could start the new year,8221; Rahul Bajaj told The Indian Express from his office in Pune. 8220;All the issues between the cousins are settled. It has been a long and complicated issue with several companies and lakhs of shareholders were involved.8221; Asked why Shishir Bajaj faction is yet silent, Bajaj said, 8220;That you need to ask them. But we8217;re very friendly now.8221;

The Bajaj Group shareholding in Bajaj Hindusthan Ltd and Bajaj Consumer Care is now with the SKB Group. The promoter shareholding of all other companies in The Bajaj Group, including the one held by the SKB Group, is now with the four brothers of the Bajaj Group. This includes companies like Bajaj Auto Ltd, Bajaj Electricals Ltd, Mukand Ltd, Bajaj FinServ Ltd, Bajaj Holding 038; Investments Ltd, Hercules Hoist Ltd etc, the statement added. On Tuesday, the brothers had withdrawn their case from the Company Law Board, a day after Bajaj Auto chairman Rahul Bajaj bought more than 29 per cent stake in Bajaj Hindusthan to be transferred to Shishir as part of the family settlement.

The Bajaj family feud first hit headlines in 2002, with Shishir alleging his elder brother Rahul of trying to oust him from the chairmanship of Bajaj Sevashram, one of the group holding companies. This culminated with Shishir group approaching the CLB seeking redressal in March 2003. The board had suggested the warring sides to reach an amicable solution.

On Wednesday, Bajaj Auto shares were up 4.7 per cent on the BSE to close at Rs 409.75. Bajaj Hindusthan shares were up 2.13 to close at Rs 74.30 on the BSE.