Differences between industrialists Rahul Bajaj and his younger brother Shishir Bajaj over Bajaj Auto shares came out in the open yet again with Shishir seeking an independent opinion on the settlement at the Company Law Board hearing today.During the proceedings, Shishir’s counsel requested the board for not setting any time frame for conclusion of any settlement as ‘‘some new points were raised by both sides’’.On the demand of Shishir that a third party should give an independent view on the matter, Rahul’s counsel Ashok Desai, bitterly opposed it saying, “We do not want reopening of anything”. Desai also opposed Shishir’s move saying a previous formula of settlement brokered by chartered accountant D.S. Mehta should be implemented. “If you (Shishir) want to go for a court-room battle then we would go for that. But we would not want it for the sake of time,” Desai said.“Documents are still not ready for signature,” counsels appearing for Rahul and Shishir said.The counsels, however, said that the MoU regarding the split in the group is ready following the suggestions made by the chartered accountant D S Mehta and differences on the shares transfers would be sorted out soon.“Several meetings (approximately 18-20) have been held by the parties to sort out the differences. It is now just question of adding finality,” the counsels said.Differences in the Bajaj family came to light after Shishir Bajaj and his son Kushagra Bajaj sought independent roles for themselves. Both sought total control of the companies managed by him — Bajaj Hindustan and Bajaj Sevashram.As part of the settlement, Rahul bought Bajaj Auto shares and sold Bajaj Hindustan shares from Shishir. However, as the share prices of both companies shot up to dizzying levels since the settlement was sealed, fresh objections were raised by Shishir Bajaj & family.In an interview with this newspaper, Rahul Bajaj has reiterated that the settlement has been signed and the actual transfer of shares are held up due to some tax issues. When contacted today, Kushagra Bajaj did not comment on the issue.CLB Chairman N Balasubramanian, after hearing the arguments, asked both parties to try to implement the settlement package and report it by mid September. “Now parties are out of the settlement process and advocates and chartered accountants has taken over,” said Balasubramanian.(With PTI)
