The two factions of the Bajaj family  --  Rahul Bajaj with his cousins Niraj, Shekhar and Madhur  --  and Shishir Bajaj and his son Kushagra on Thursday met here to assess the progress of the settlement plan worked out earlier this year.

Sources close to the development described the meeting as an 'implementation meeting'. The brothers met to take stock of the ongoing complex settlement exercise. 

"It will take another month or so to finally achieve what has been agreed on. All the initiatives to reach an amicable settlement are on track," sources said.

Rahul Bajaj, when contacted, declined to speak on the issue.  Though they declined to reveal the exact cash outgo, it is learnt that the Rahul Bajaj faction is likely to pay about Rs 300 crore or more to Shishir Bajaj.

"There will be no change in the price, even though the Bajaj Auto scrip has shot up in the last few months. We are sticking to the price already agreed upon and there will be no re-negotiation on that front," sources said.

The feud between Rahul Bajaj and his younger brother Shishir was resolved in June following mediation by S Gurumurthy, the Chennai-based chartered accountant and convener of the Swadeshi Jagran Manch.

Under the broad terms of the agreement, Shishir is to buy his cousins out of the firms he controls and vice versa. 

The Rahul Bajaj faction would pay over Rs 300 crore to Shishir as the net difference in valuations.

The difference arises out of the huge difference in the valuation of group flagship Bajaj Auto and companies like Bajaj Hindusthan and Bajaj Sevashram controlled by Shishir.

The amount, however, is significantly lower than the Rs 500 crore (Rs 5 billion) that Shishir is initially understood to have asked for.

The differences in the Bajaj family came to light last year. Shishir wanted to take full control of the companies he manages: Bajaj Hindustan and Bajaj Sevashram.