Rahul Bajaj: Tough time

Mumbai, Sept. 27: Rahul Bajaj, patriarch of the Bajaj family, says he is very disturbed to learn that warring brother Shishir has repudiated the family settlement that was hammered out in June 2003.

“I was hoping for an out-of-court settlement,” Bajaj told The Telegraph over the phone from Pune.

On Wednesday, Shishir Bajaj and son Kushagra had finally signalled that they were ready to resume hostilities and terminated the family settlement. They said their decision was triggered by the repudiation of the terms of the settlement by the Rahul Bajaj faction, which included his cousins Shekhar and Madhur Bajaj.

Rahul Bajaj rejected Shishir’s charge that his faction had nixed the deal. “Our earlier action of termination of the family settlement was only on account of breaches and repudiation of the family settlement by the Shishir Bajaj group. There has been no breach of family settlement from our side.”

Bajaj said he was open to discussion for an out-of-court settlement. “We have no desire to litigate,” he added.

“It was my brother Shishir who initiated litigation before the Company Law Board (CLB) in March 2003. We did not go to CLB or the courts at all till December 2006 — over three years later,” he said.

“Our clients accept your client's repudiation (which is wrongful) of the family settlement and hereby terminate and put an end to the said family settlement. Your client's breach of the family settlement has caused prejudice and loss to our clients,” Federal & Rashmikant, the legal firm advising Shishir Bajaj, had said in a note to Rahul Bajaj's lawyers on Wednesday.

Shishir stake hike

Shishir Bajaj, chairman and managing director of Bajaj Hindusthan, has raised his stake in the company by acquiring another 4.75 per cent at a cost of Rs 123.48 crore.

Rahul Bajaj said Shishir’s stake hike in Bajaj Hindusthan, which has been at the centre of the raging battle for control over the assets of the Bajaj group, was of little consequence.

“Our side holds a majority stake in Bajaj Hindusthan. Bajaj Auto alone holds 9 per cent,” Rahul Bajaj said.