The Hindu Business Line : Trust property: Arguments against Lodha, others end

HEARING of the application filed by Mr S.N. Prasad, one of the accused in the criminal proceeding initiated by Mr R.P. Pansari against Mr R.S. Lodha and others, concluded on Friday before Mr Justice P.N. Sinha of the Calcutta High Court.

Mr Shanti Bhusan, Counsel for Mr Prasad, in conclusion argued that the criminal proceeding against the alleged accused should be quashed as Mr Pansari, the complainant, has failed to make out a case of criminal breach of trust. It was further argued that Mr Pansari filed the plaint on behalf of the Birlas to browbeat the alleged accused as well as the attesting witnesses of the will of Priyamvada Birla made in 1999. One of the Birlas had admitted that he took the initiative to start criminal proceeding against Lodha and others.

Mr Shanti Bhusan alleged that the Birlas initiated the criminal case, as Priyamvada Birla gave the entire property to Mr R.S. Lodha. On the question of irrevocability, Mr Shanti Bhusan said that no written document has ever been produced by the complainant showing the desire of M.P. Birla and Priyamvada Birla about dissolution of the public trust, hence the argument of the complainant's counsel relying on a mere oral conversation between M.P. Birla and Priyamvada Birla cannot attract any legal value.

Earlier, Mr Ram Jethmalani disputed the contentions of supplementary affidavit filed by Mr Prasad, stating that Mr Pansari was guilty of breach of trust, as he was a party to the transfer of shares of East India Investment Ltd in the name of Priyamvada Birla instead of M.P. Birla Mutual Trust. Mr Jethmalani pointed out that the supplementary affidavit should not be accepted.

Mr Justice Sinha directed the parties to file written notes by April 8.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Trust property: Arguments against Lodha, others end

Mallya gets closer to SWC, likely to revise offer — Komal Chhabria not tobid at `any price'

Su-Raj Diamond picks up 49% stake in Forever Precious

TIIC unlikely to sell stake in Malco

Max Healthcare to raise Rs 75 cr thru equity placement

Biological E, Intercell in pact for encephalitis vaccine

Reliance Energy seeks pact with electrical contractors

Payroll giving programme to help the underprivileged in Mumbai

AP CM writes to Centre as BHPV revival hangs fire

Videocon Ind to raise Rs 2,000 cr for oil exploration

March belies hopes so far; Maruti to halt production for two days

Ford sales set to cross Rs 1,000-cr mark

`PSUs will do well to adopt quality programmes'