New Delhi: An out-of-court settlement for division of the Bajaj empire appears unlikely anytime soon, with patriarch Rahul Bajaj accusing younger brother Shishir of raising additional demands that cannot be met.
“From our side we are offering what they wanted earlier. Now they (Shishir’s side) are asking for more, which we can’t give them now,” Bajaj told reporters on the sidelines of ACMA annual convention on 6 September .
His comments come days after the Company Law Board adjourned hearing on the family settlement case to 22 October, asking the two warring factions to settle the issue amicably. 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 23-25 October. The four-year-old case has reached the final stages of argument.
Yesterday (5 September), 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.