Shishir free to sell his shares: Rahul Bajaj

The Bajaj family and its Trusts and Associates together had 51 per cent voting rights and the family was in a comfortable position, Bajaj said. Shishir’s family holds about six per cent.

The Bajaj Auto Limited (BAL) chairman said Shishir wanting to move out of the family fold was totally irrelevant to the functioning of Bajaj Auto. Reassuring shareholders, Bajaj said: “Whether Shishir leaves or not is immaterial and irrelevant to Bajaj Auto’s functioning.” Bajaj said there was nothing wrong if one of the brothers wanted out. “Four of us are still together and this cannot be termed a split,” Bajaj added.

Moving out of family business was common among the top family businesses into the fourth generations and it was not a bad thing, was what Bajaj said.

Shishir and sons are keen on offloading their equity share in Bajaj group’s flagship company Bajaj Auto. Rahul Bajaj still enjoys the support of three cousins Madhur, Shekhar and Niraj. Madhur and Shekhar, who are on the Bajaj Auto board were present at Saturday’s AGM. When the split became public,

Bajaj was keen that the family stays together. But a month later, Bajaj appeared to have reconciled to the fact that one brother wants out and he will have to let go.

Bajaj blamed the media for treating his family matter like a soap opera.

“It is a private family matter and it is nobody’s business. After ‘Bold and Beautiful’ and ‘Dynasty’ next was the Bajaj family,” he quipped.Two mediators, NCP leader Sharad Pawar and Bajaj Auto director D.S. Mehta have started talking to both factions. Mehta refused to discuss the progress of the negotiations.

“A lot has been said about the family and I would not like to comment. We will talk at an appropriate time,” Mehta said.