Financial Daily from THE HINDU group of publications
Wednesday, Jul 21, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 21, 2004 |
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Corporate
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Corporate Disputes Lodhas likely to seek court direction to check Birlas Our Bureau
Kolkata , July 20 WHILE the Birla family is determined to contest the grant of probate of the will of late Priyamvada Birla, the application for which has already been filed by Mr R.S. Lodha at the Calcutta High Court on Monday, informed court sources say that the Lodhas are likely to initiate "proceedings to negotiate the rampant activities of the Birla clan," allegedly preventing Mr Lodha from obtaining a probate of the will. According to sources, the Lodhas may seek a direction from the court, to effectively prevent the Birlas from creating any obstructions to the probate process. It is expected that such proceedings may be initiated within the next 48 hours or so. While it is stated that the probate proceedings alone may take 6 months or so, considering the huge corpus of over Rs 5,000 crore, as per the controversial will, people in the know say that in the case of a registered will, the process should be swifter, though not necessarily smoother. Informed legal sources say that this may also be viewed as a counter-pressure ploy being employed by the Lodhas to go ahead with the probate process unhindered, now that the Priyamvada will is all set to emerge in the public realm.
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