Neeraj Bajaj has quit as the director of Bajaj Hindustan as part of the settlement agreement between warring Bajaj brothers.
In a filing to the Bombay Stock Exchange, Bajaj Hindustan informed that "Niraj Bajaj has tendered his resignation from directorship of the company with effect from December 31, 2008". Niraj Bajaj, had been the director of the company since October, 1999.
His resignation follows the Bajaj family settlement agreement signed on December 21 last year, after which the Bajaj Group comprising Rahul, Shekhar, Madhur and Niraj, would exit Bajaj Hindusthan and Bajaj Consumer Care, which would be with the Shishir Bajaj.
All other companies in the original Bajaj Group, including Bajaj Auto, Bajaj Electricals, Mukund, Bajaj Finserv, Bajaj Holding and Investments, and Hercules Hoist, would be with the Rahul Bajaj-led group.
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