LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Automobile News

WMDC transfers its 27% stake in Maharashtra Scooters to Bajaj - What's the complete story?

In a major development, WMDC has transferred its 27% stake in Maharashtra Scooters Limited (MSL) to Bajaj Holdings & Investment Limited on 17th June 2019.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
WMDC transfers its 27% stake in Maharashtra Scooters to Bajaj - What's the complete story?
A statement has been released by Bajaj in this regard. Here is the FULL TEXT and the complete story behind the development:-
Written By: Prashant Singh
Updated: Tue, Jun 18, 2019
05:08 pm
ZeeBiz WebDesk
RELATED NEWS
Ashok Leyland, Mahindra and Mahindra to Bajaj, auto share prices tank nearly 9 pct over coronavirus outbreak Ashok Leyland, Mahindra and Mahindra to Bajaj, auto share prices tank nearly 9 pct over coronavirus outbreak
Bajaj Auto Q3 Results: Check performance, highlights and key takeaways Bajaj Auto Q3 Results: Check performance, highlights and key takeaways
Bajaj CT, Bajaj Platina bikes are now BS6 compliant - From prices to variants, all you need to know these motorcycles Bajaj CT, Bajaj Platina bikes are now BS6 compliant - From prices to variants, all you need to know these motorcycles
India Bike Week 2019 Goa: Bajaj launches premium Swedish motorcycle brand Husqvarna in India India Bike Week 2019 Goa: Bajaj launches premium Swedish motorcycle brand Husqvarna in India
Bajaj Chetak Electric Scooter is here! PICS, prices, bookings, sale, mileage, range, battery backup and all you need to know Bajaj Chetak Electric Scooter is here! PICS, prices, bookings, sale, mileage, range, battery backup and all you need to know

In a major development, WMDC has transferred its 27% stake in Maharashtra Scooters Limited (MSL) to Bajaj Holdings & Investment Limited on 17th June 2019. Consequent upon the acquisition of 27% stake of MSL from WMDC, the Company (BHIL) holds 51% shareholding in MSL.  MSL has hence become a subsidiary of BHIL with effect from 17 June 2019.  A statement has been released by Bajaj in this regard. Here is the FULL TEXT and the complete story behind the development:-

"Maharashtra Scooters Limited (MSL), which was incorporated on 11 June 1975, as a joint sector company promoted by erstwhile Bajaj Auto Ltd. (BAL) & WMDC Ltd, a Government of Maharashtra undertaking, had started manufacturing of geared scooters from 13 August 1976, in technical know-how / collaboration with erstwhile BAL. 

"With the gradual shift in consumer preferences from geared scooters to the motorcycles, the Company discontinued production of geared scooters effective 1 April 2006. The manufacturing activity of the Company is currently restricted to the manufacture of pressure die casting dies, jigs and fixtures, primarily meant for two and three - wheeler industry.

MSL is today a Core Investment Company, not requiring registration with RBI. 

Having achieved the broad objectives of the joint sector project, WMDC had in 2003 offered to sell its 27 per cent shareholding in MSL and Bajaj Holdings & Investment Ltd (BHIL & erstwhile BAL) had confirmed its willingness to purchase these shares. 

Since WMDC & Bajaj Auto Ltd. could not agree on a price, the price at which the shares were to be sold had been jointly referred to a sole. 

Arbitrator, Justice Arvind V Savant (Retd). The Award of the Arbitrator dated 14 January 2006 valued the share price of MSL at Rs. 151.63 per share as the rate at which 3,085,712 equity shares of MSL held by WMDC were to be sold to the Company. 

The said Award was challenged by WMDC in the Bombay High Court.

The Division Bench of the Bombay High Court had pronounced its judgment in the matter on 8 May 2015. 

A Special Leave Petition (SLP) was then filed by WMDC in the Supreme Court against the above Order.

After hearing both the parties, Supreme Court passed an order dated 9 January 2019, dismissing the Special Leave Petition filed by WMDC and directed that:

“BHIL (i.e. the Company) shall pay to WMDC an amount of Rs. 232 per Share in place of Rs.151.63, along with interest @ 18% p.a. from the date of the award (i.e. 14 January 2006). No sooner the afore-said payments due are made, the shares shall be transferred to BHIL.”

BHIL made the necessary payment to WMDC by way of cheques on 14 January 2019.

WMDC has transferred its 27% stake in MSL to the Company on 17 June 2019.

Consequent upon the acquisition of 27% stake of MSL from WMDC, the Company (BHIL) holds 51% shareholding in MSL.  MSL has hence become a subsidiary of BHIL with effect from 17 June 2019."

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Bajaj
RELATED NEWS
Ashok Leyland, Mahindra and Mahindra to Bajaj, auto share prices tank nearly 9 pct over coronavirus outbreak Ashok Leyland, Mahindra and Mahindra to Bajaj, auto share prices tank nearly 9 pct over coronavirus outbreak
Bajaj Auto Q3 Results: Check performance, highlights and key takeaways Bajaj Auto Q3 Results: Check performance, highlights and key takeaways
Bajaj CT, Bajaj Platina bikes are now BS6 compliant - From prices to variants, all you need to know these motorcycles Bajaj CT, Bajaj Platina bikes are now BS6 compliant - From prices to variants, all you need to know these motorcycles
India Bike Week 2019 Goa: Bajaj launches premium Swedish motorcycle brand Husqvarna in India India Bike Week 2019 Goa: Bajaj launches premium Swedish motorcycle brand Husqvarna in India
Bajaj Chetak Electric Scooter is here! PICS, prices, bookings, sale, mileage, range, battery backup and all you need to know Bajaj Chetak Electric Scooter is here! PICS, prices, bookings, sale, mileage, range, battery backup and all you need to know

LATEST NEWS

JEE Main 2021 March application form released: See last date for application, exam dates and all other details here!

BPCL Share price: Jefferies Reiterate Buy rating with target of Rs 500

Good news for Vi users! Vodafone Idea subscribers to get health insurance benefit on mobile recharges

7th Pay Commission latest news today: Central government employees alert! This premium is part of your allowance

7th Pay Commission latest news today: DA hike, DR benefit, arrears, ease in LTC — updates that central government employees just cannot miss

Anil Singhvi’s Strategy March 3: Day support zone on Nifty is 14,800-14,850 & Bank Nifty is 35,000-35,125

LIVE: Gujarat Taluka Panchayat Elections Results 2021: BJP wins 1036 seats - Check latest news updates, seats details here

Bonanza Portfolio highlights trading strategy in Big Bulls Rakesh Jhunjhunwala recent pick during Covid Lockdown

Heranba Industries IPO allotment status finalised; Trading in equity shares will commence on March 5

Gujarat Elections Final Results Till Now: PM Narendra Modi bows to people of Gujarat for faith, affection towards BJP

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved