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Mumbai: Maharashtra Scooters Ltd MSL (MSL) The maker of the once-popular Priyaya scooter brand is turning into a subsidiary of Bajaj Holdings and Investment Ltd (BHIL) after acquiring Western Maharashtra Development Corporation (WMDC). Percentage of company MSL stock.

In June 1975, the then Bajajajaj Auto Ltd (BAL) state-owned WMDC Ltd formed a joint venture gear scooter co-production compared to the previous BAL, the company production started from 4 Three years later, the first scooter was produced. Consumer preferences gradually shifted from gear scooters to motorcycles.

“WMDC transferred its 27% stake in MSL to Bajajaj Holdings and Investment Ltd (BHIL) on June 17. As of today, the company now holds 51% of MSL making it a subsidiary of Bajajaj Holdings.

MSL is currently engaged in die casting molds, jigs and fixtures for the two and three wheeler industry.

In 2003, WMDC proposed to sell its 27% stake in MSL and Bajaj Holdings Investment Ltd (BHIL and its predecessors), the statement said. (BAL) confirmed the intention to buy back the shares.

However, WMDC and Bajaj Auto failed to reach an agreement on the price at which the shares were to be sold and hence failed to reach an agreement with the Sole Arbitrator, Arvindd Justice V Savant (retired) filed a joint submission.

Arbitrator’s award against WMDC on January 14, 2006 The 3,085,712 shares of MSL held were valued at Rs 151.63 shares each. They said it was sold to a company.

However, WMDC Bombay High Court challenged this.2015 A Bombay High Court Judge delivered his judgment on May 8, 2015 in this matter.

WMDC Subsequently, the order was filed as a Special Leave Petition (SLP) in the Supreme Court. After hearing both the parties, the Supreme Court heard both the parties on the 1st of that year and on the 9th of that month passed an order dismissing the SLP filed by WMDC.

It also directed that BHIL shall pay to WMDC Rs. 232 instead of Rs. 151.63 (Rupees) per share and interest from the date of grant i.e. January 14, 2006 18% per annum onwards). Immediately after completion of the said payment, the shares will be transferred to BHIL.

He added that Bajaj Holdings and Investments has paid the requisite amount through cheque to WMDC on daily basis on January 14 this year. /Blood.