Differences still persist between Rahul Bajaj, his brother Shishir Bajaj and others on the issue of transfer of shares for finalising the split of the Bajaj group, the Company Law Board has been informed by the lawyers.
"Documents are still not ready for signature," counsels appearing for Rahul and Shishir Bajaj said.
CLB Chairman N Balasubramanian, after hearing the arguments, asked both parties to try to implement the settlement package and report it by mid September.
The memorandum of understanding regarding the split in the group is ready following the suggestions made by the chartered accountant D S Mehta and differences on the shares transfers would be sorted out soon, the counsels said.
"Several meetings (approximately 18 to 20) have been held by the parties to sort out the differences," counsels informed the Board.
"It is now just question of adding finality," they said.
During the proceedings, Shishir Bajaj's counsel requested the board for not setting any time frame as "some new points were raised by both sides".
This was bitterly opposed by senior counsel Ashok Desai, appearing on behalf of Rahul Bajaj, saying that D S Mehta formula should be implemented.
"If you (Shishir) want to go for a court-room battle then we would go for that. But we would no want it for sake of time" Desai said.
Sishir Bajaj also demanded for a third party intervention to get an independent view on the matter, which was opposed by Desai saying, "we do not want reopening of anything".
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