Financial Daily from THE HINDU group of publications
Friday, Jan 07, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 07, 2005 |
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Corporate
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Corporate Disputes Birla sisters move CLB against Lodha for transferring shares Our Bureau
Kolkata Jan. 6 THE two sisters of late M.P. Birla - Ms Laxmi Devi Newar and Ms Radha Devi Mohatta - on Thursday filed a petition under Section 111 of the Companies Act, 1956, before the Company Law Board (CLB), challenging the transfer of shares of East India Investment Company Pvt Ltd by Mr Rajinder S. Lodha. As per the petition, the Respondent, Mr R.S. Lodha has "illegally" caused transfer of 33,715 shares of East India Investment in his favour even prior to moving his probate application before the Calcutta High Court. The petitioners have contended that the "sole object" of effecting transfer of the shares on July 15, 2004 in a hurried manner, was part of the "scheme and design" adopted by Mr Lodha to usurp control of the M.P. Birla Group of companies. The petitioners have prayed for cancellation of the said transfer of shares , earlier standing in the name of Late Priyamvada Birla. The sisters have also sought an injunction restraining Mr Lodha from exercising any rights including voting rights of the said shares. They have also prayed for interim relief for appointment of a Special Officer to take possession of the said shares as well as the Register of Members, Minute Book and other relevant records of the company. The CLB has fixed January 12 for necessary directions. As per the relevant schedule of heirs in Class 1 of the Hindu Succession Act, the sisters of late M.P. Birla are well in line to claim inheritance, legal experts point out.
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