Mumbai: The four-year Bajaj family fued is not about to end in a hurry. Chairman of Bajaj Auto Rahul Bajaj's brother Shishir's son, Kushagra Bajaj, reportedly says his uncle violated an MoU between the families and is preparing to take over Bajaj Hindustan by boosting stake in it.
“I've got 3,000 crore worth of stake in ICICI. Am I taking control from Mr Kamath? I've got 10-12 per cent in Bajaj Hindusthan. The ownership is already with me and the three brothers, why should the extra 1.9 per cent make a difference?” said Rahul Bajaj.
But the induction of son Sanjiv Bajaj in Jamnalal Sons' board and Niraj Bajaj into holding company Sevashram is reportedly a concern for the Shishir Bajaj camp because the companies have stakes in other group firms.
Incidentally, both Jamnalal Sons and its wholly-owned subsidiary Sevashram fall in the share of the Rahul Bajaj camp.
Countering a reported allegation of flouting the agreed MoU, Rahul Bajaj says Kushagra talks about only two points whereas there are four, which he's ready to follow.
“We stand to sell shares of Bajaj Hindustan to them at 6.70. But they want us to compensate some minor shareholder (Sevashram). We never agreed to that and we don't intend to,” said Rahul Bajaj.
For all that firmness, there's a word of avuncular praise. And Rahul Bajaj would also wish he gets a good price for the 1.9 per cent he has bought in Bajaj Hindustan.
(With inputs from Krupali Pandit Yadav)
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