In the fresh burst of fusillade from Shishir’s side that, sources say, is driven by his son Kushagra, women and grandchildren were dragged into the four-year old family drama.
MUMBAI: In the fresh burst of fusillade from Shishir’s side that, sources say, is driven by his son Kushagra, women and grandchildren were dragged into the four-year old family drama.
The family settlement envisaged that the two brothers (Rahul and Shishir ) and their three cousins (Shekhar, Madhur and Niraj) will split the businesses equitably.
Shishir was to get the ownership and control of Bajaj Hindusthan and Bajaj Consumer Care and payment of some compensation. The settlement will also consider the ownership and control of Hindustan Housing in favour of Shishir Bajaj.
The latest saga has brought to centrestage two minor children — Rishab (Rajiv Bajaj’s minor son) and Sanjali Bajaj (Sanjiv’s minor daughter).
The letter from Shishir’s faction contended for the first time that the two children are bound to transfer their Bajaj Hindusthan shares under the family settlement.
According to Shishir’s lawyers, this is a ‘fundamental breach to the family settlement’.The notice to revoke the memorandum of understanding from the younger brother further alleges that “Rahul Bajaj, the head of your clients group, has been speaking ill of our client’s family members, including the ladies of the family, which is a matter of great anguish and regret.”
Rahul Bajaj denied the charge. "I am very distressed with the latest turn of events as I was hoping for an out-of-the-court settlement.
We said this at the August 21-31 Company Law board meeting that we are always open to settlement and had no desire to take it to the courts," Rahul Bajaj told DNA Money.
The mothers (wives of Rajiv and Sanjiv) of the two minor children, Rishab and Sanjali, in an earlier rejoinder, argued that their children are "neither a party to the MoU recording the family settlement nor to the decision of D S Mehta. Mehta was originally the family friend who was appointed by both sides to find a solution to the family dispute.
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