Business

Bajaj family feud getting sorted out

MUMBAI JUNE 14. The long-drawn family feud in the Bajaj family is expected to be amicably settled next month following mediation efforts by S. Gurumurthy, Convenor of the Swadeshi Jagaram Manch.

"I only helped them as a family friend,'' Mr. Gurumurthy, who succesfully mediated in getting both the parties together, told PTI.

Efforts to sort out the differences between the two factions comprising the Chairman and Managing Director of Bajaj Auto Ltd. (BAL), Rahul Bajaj, and his cousins Shekhar, Madhur and Niraj on one side and his brother Shishir and son Kushagraha, got stuck because of differences over valuation of their 6 per cent stake in BAL, the flagship company.

Family sources said the Shishir Bajaj faction had now substantially came down from its original demand of at least Rs. 550 crores for their stake in BAL.

The sources, however, said "discussions are still on and no agreement has been reached yet though we expect to decide once Mr. Rahul Bajaj, who is now abroad returns home, early next month.''

"Things are looking positive compared to what it was last year when we were not even on talking terms. We at least have come together to sort out the differences,'' the sources said.

"With an agreement in sight over BAL, other issues, for instance, property matters such as Bajaj Bhavan could be taken up later,'' the sources added.

Declining to divulge the details in ironing out differences between the two factions, Mr. Gurumurthy, a chartered accountant, said the "dispute is now over.'' He said the two factions of the family had approached him way back in September last year seeking his mediatory efforts.

Asked about the nature of the dispute, he said "it was just as any such issues typically arising in a family joint venture on the question of who gets what.''

Besides Mr. Gurumurthy, the NCP President, Sharad Pawar, and family friend, Dhirajlal Mehta, earlier tried to bring the two factions together. — PTI

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