The Hindu Business Line : Birlas to file plea for appointment of receiver

IN an effort to foil Mr Rajendra Singh Lodha's plans of taking over the assets of the MP Birla Group, the scions of Birla family are planning to file a petition before the Calcutta High Court for the appointment of a receiver.

The days ahead are likely to see the Birlas carry out what is so far just a proposal on the drawing board. The decision to apply for the appointment of a receiver will be taken in the course of the next couple of weeks.

This was confirmed today by sources aware of the moves that are being worked out by Khaitan & Co, the firm of lawyers that is looking after the interests of the Birlas.

"We would certainly move in that direction. It may not happen just tomorrow but we are most likely to go ahead with it shortly," said a senior Kolkata-based source closely associated with the firm. Mr N.G. Khaitan, who had initially played the role of spokesman for the firm, was not available for comment.

A receiver, if appointed, may well scuttle some of the plans that the Lodhas could be willing to try out by way of their next move, it is felt. The idea is to prevent them from executing their own strategy that is being prepared with the help of their solicitors, Fox & Mandal.

In another development, Mr Debanjan Mandal of Fox & Mandal confirmed that the copy of the will of the late Priyamvada Birla has been delivered to Khaitan & Co. "We have complied with all the legal proceedings that are necessary," he said.

Meanwhile, Fox & Mandal is also waiting to get the copies of the affidavits that are expected to be filed by the Birlas, clarifying their locus standi for filing their caveats against Mr Lodha. "We will make our next move once we receive the six affidavits," Mr Mandal maintained.