Shishir asking for too much, we may go to court: Rahul Bajaj

His comments come days after the Company Law Board adjourned hearing on the family settlement case to October 22, asking the two warring factions to settle the issue amicably and also rounds of a torrid time for the company which is already grappling with a variety of problems from labour to sales performance.

The two side have been trying hard to hammer out a mutual agreement, but have so far been unable to do so. Bajaj, however, said he was trying hard from his side to settle the matter as there were still some weeks to go for the next hearing of the CLB.

“In case we do not succeed then we do not have any option but to go to court… we will try our best and hope that something happens this time,” he said.

When CLB resumes hearing, the two sides are expected to report about the outcome of their negotiations. If they fail to reach a settlement by then, the Board would resume its scheduled procedure and hear the case for three consecutive days from October 23-25. The four-year-old case has reached the final stages of argument.

Yesterday, Bajaj Auto vice-president Madhur Bajaj had said that they were still trying to settle the issue. He had also said that if talks between the brothers fail, then they would be bound by the CLB order.

The company is already facing the ire of labour unions in Maharashtra after the decision to close down its Akurdi plant from this month. The state government is now tipped to intervene in the matter for an early solution. Even in its core business of two wheeler manufacturing the company is facing tough times with high interest rates eating into its market share. Bajaj Auto has witnessed seven consecutive months of declining sales.

Bajajs battle it out

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• Company struggling with labour unions over closure of Akurdi plant. State government tipped to intervene

• Bajaj Auto’s sales have declined each month since February; with interest rates still high, no early solution in sight

• Bajaj Renault’s tie-up for small car may be derailed by M&M. Renault has to get a ‘No Objection’ certificate from M&M before entering into an alliance