Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: list of goods taxed at 4% :: empanelment
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

CLB seeks report from Bajaj brothers on dispute
October, 26th 2007
The Company Law Board on Thursday asked the warring Bajaj brothers - Rahul and Shishir - to prepare a report on the areas of dispute that are holding up a mutually acceptable agreement for splitting the business empire.

CLB chairman S Balasubramanian, who is hearing arguments by the two sides, also sought to know the points of difference over which they terminated last month their Memorandum of Understanding (MoU) drafted for division in the group.

"You first tell me the areas of difference. I would make an attempt (to resolve the issue). I am asking both the sides about that (difference) but no one is talking about that," Balasubramanian said during proceedings in the Board.

He advised the two sides to settle the matter amicably since it was a family dispute and suggested them not to fight in public domain.

Senior counsel and former Attorney General Ashok K Desai, appearing for Bajaj family patriarch Rahul Bajaj, informed the Principal Bench that the settlement is stalled at three points. He, however, did not elaborate about these issues.

Desai opposed Board's intervention in the issue, saying it would make this case more complex and his side was quite reluctant for such interference at this stage.

"In my view both sides should sit and finish the matter. We would not like to involve the tribunal at this stage right now... areas of difference are very limited," Desai said, turning down CLB's offer to mediate.

Commenting on this CLB Chairman said, "It's not a dispute. You both are agreed to part away. One is willing to go out from the group. Adopt proper give and take method".

Later, he directed the two sides to give their reaction on those three areas of dispute.

"Give your reaction on three areas. I want a proper concept report within two weeks from the both sides," he said, adding the next meeting on November 26 would not be in the open court but in his chamber.

However, the CLB made it clear that both the sides would continue their arguments in this four-year-old case if they again fail to reach on a settlement on November 26.

Shishir Bajaj's side, which is continuing arguments through senior counsel Rafique A Dada, has been given three days of consecutive hearing from January 14 next year. Rahul's side has been granted five sessions to wind up contentions in two terms. The first leg would be on January 28 and 29 and the second would be from February 14 till February 16.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions