New Delhi: The legal feud between the Bajaj brothers - Rahul and Shishir - over division of the group seems to be heading for an out-of-court settlement as both the sides on 30 August sought another day from the Company Law Board (CLB) to hammer out a deal.
During proceedings at the CLB, counsels representing both Bajaj scions Thursday again requested to adjourn it for a day to settle the matter.
“Both sides are trying and we are continuing the process to settle the matter,” senior counsel and former Attorney General Ashok Desai said, representing Rahul Bajaj in the Principal bench of CLB.
Accepting the request, CLB Chairman S Balasubramanian adjourned the hearing for the four-year-old case till 31 August.
The CLB had on 29 August also adjourned the matter for a day after lawyers requested for it. It is understood that the sides have made progress in negotiations and have come over on some contiguous issues.
The CLB has resumed proceedings in this case after a gap of nearly six months, following a direction of the Bombay High Court. The case is at the final argument stage and has been listed for three days of continuous hearing till 31 August .
In March this year, admitting an application by the Shishir camp, the CLB had stayed all board meetings of the two holding companies Bajaj Sevashram and Jamnalal Sons Pvt Ltd.
Later, after mutual consent of the two sides, the Bombay High Court asked CLB to go ahead with the matter and fix a new date for hearing the case.