NAGPUR, NOV 21: A city-based plastic moulding company has dragged Bajaj Auto Limited (BAL) into court for `arbitrarily terminating' the b...
Written by Press Trust Of India
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NAGPUR, NOV 21: A city-based plastic moulding company has dragged Bajaj Auto Limited (BAL) into court for `arbitrarily terminating’ the business contract and for recovery of dues to the tune of Rs 79.64 crore.
The company, Sandeep Polymers Private Limited (SDP), supplying plastic panels to BAL for its scooters and had made huge investments as part of the agreement, has accused BAL of breach of trust and nepotism, managing director Dileep Nivatia said at a press conference here yesterday.
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The suit has been filed before third joint civil judge senior division and notices were issued to respondents BAL CMD Rahul Bajaj his elder son Rajiv, returnable by November 30.
Nivatia said BAL has transferred the supplies to a Pune-based firm promoted by BAL and withheld payments against current supplies by SDP. The amount mainly pertains to: approximately Rs 4 crore towards cost of manufactured moulds, Rs 15 crore for incurring losses and Rs 45 crore towards estimated losses, she said.
