The Hindu : Business : `End to Bajaj family feud soon'

Online edition of India's National Newspaper
Friday, Mar 11, 2005

Business

Business

`End to Bajaj family feud soon'

By Our Special Correspondent

NEW DELHI, MARCH 10. The Chairman of Bajaj Auto, Rahul Bajaj, today said that he expected the family dispute with younger brother, Shishir Bajaj to be settled by June this year.

He had only last week announced that he would step down as managing director of the company and hand over day-to-day operations to his sons Rajiv and Sanjiv.

Speaking on the sidelines of a Confederation of Indian Industry conference, he disclosed that the price for the 27 per cent stake, proposed to be acquired by Bajaj Auto, of the Maharashtra Government in Maharashtra Scooters Ltd. (MSL) would be out by the end of May.

He expected the deal to be finalised by June and commented that the price valuation had been long awaited. He said Justice Arvind Sawant was the arbitrator who had to decide the price of the government holding. The Bajaj Auto chief, however, ruled out any merger of MSL with his company. Bajaj Auto at present has a 24 per cent stake in MSL.

PTI reports:

According to informed sources, as per the settlement between the brothers, Mr. Shishir will buyout Mr. Rahul and Madhur Bajaj's stake in Bajaj Hindustan and Bajaj Consumercare. Mr. Rahul and the others will, in turn, buyout Mr. Shishir's 5.7 per cent stake in Bajaj Auto.

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