Financial Daily from THE HINDU group of publications
Wednesday, Oct 13, 2004
Financial Daily from THE HINDU group of publications Wednesday, Oct 13, 2004 |
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Corporate
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Corporate Disputes Birla Corp seeks CLB stay on minority shareholders' petition Richa Mishra
New Delhi , Oct. 12 IN the latest episode of the Birla-Lodha saga, Birla Corporation Ltd has moved two applications before the Company Law Board (CLB) seeking vacation of the interim order passed by it and granting stay or dismissing the petitions filed by the minority shareholders. Earlier, a section of minority shareholders of Birla Corporation had approached the CLB against the current management. The company said that the two petitions filed by minority shareholders before the board just days ahead of the AGM on September 13 was motivated. At today's hearing, the company feared that any reply given here would be misused in other collateral proceedings. The CLB Principal Bench, comprising Mr S. Balasubramanian, reserved its order on the applications. The minority shareholders had filed two petitions. In one they sought investigation into the shareholding pattern of the promoters and in the other, they appealed against "oppression and mismanagement" by the current management. They also sought investigation into the ownership of the company and imposition of restrictions upon shares and debentures, besides prohibition on its transfer. While giving its nod to the company to hold the AGM as scheduled, the CLB had also given certain directions. In its interim order, the CLB had said that there should be no transfer of shares held by any of the respondents (Birla Corporation and others) in the company. It had also directed Birla Corporation and others to file their replies to both the petitions by October 10. The minority shareholders were directed to submit their rejoinder by October 31. The matter is to be heard next on November 22.
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