The five year long family dispute of the Bajaj industry group has been resolved amicably. Two groups of companies have been formed without transfer of any cash. The petitions filed by Mr Shishir Bajaj with the Company Law Board in March 2003 have been withdrawn with immediate effect.

Meanwhile, Shishir Bajaj has resigned from the chairmanship of Sevashram, the financial arm of the Bajaj group. In a statement to CLB, Shisir Group said, "With this, all disputes between both sides stand resolved."

The deal results in increasing the share of Mr Shishir Bajaj in the company to 50 per cent. However, holdings of other three Bajaj Group members have not changed and remained at 16.67 per cent. SKB Group would hold the shareholdings of Bajaj Hindustan Ltd and Bajaj Consumer Care as per the agreement.

Commenting on the matter, Mr Rahul Bajaj said, "I am delighted that the issue has been settled amicably and all disputes resolved." He said that the new board would be soon constructed with addition of some new faces. The company would do its best to save the interests of stakeholders.