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Bajaj brothers trying for out-of-court settlement

Bajaj brothers trying for out-of-court settlement
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First Published: Wed, Sep 05 2007. 05 41 PM IST
Updated: Wed, Sep 05 2007. 05 41 PM IST
PTI
New Delhi: Bajaj brothers, Rahul and Shishir, who are engaged in a legal battle over division of the empire, are still trying to reach an out-of-court settlement.
“We are still trying to have an out-of-court settlement,” Bajaj Auto vice-president Madhur Bajaj told reporters on the sidelines of SIAM annual convention here.
The two sides must settle the issue by 22 October, failing which the Company Law Board will resume its hearings.
Bajaj said if the talks fail then they would be bound by the order passed by CLB. “In case we do not succeed then we do not have any option but to go to court,” he said.
Earlier, CLB Chairman S Balasubramanian had on 31 August given the two sides time till 22 October to settle the issue. On that day, the two sides are expected to report about the outcome of their negotiations before CLB.
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 October 23-25. The four-year-old case has reached the final stages of argument.
The CLB had on 29 August resumed the case proceedings after a gap of nearly six months following a direction of the Bombay High Court.
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First Published: Wed, Sep 05 2007. 05 41 PM IST