The Hindu Business Line : Lodha's claim on M.P. Birla Group profits disputed

THE Birlas, on Monday, came down heavily against the action of Mr R.S. Lodha before Mr Justice Kalyan Jyoti Sengupta of the Calcutta High Court, during the hearing of the application of Ms Radha Devi Mohta for appointment of administrator over the M.P. Birla estate.

Mr S.B. Mookherjee, counsel for Ms Radha Devi Mohta, disputed the claim of Mr Lodha that under his management the M.P. Birla Group was earning profit. The counsel said that it was only the cement division of the Group, which is earning profit because of the current cement boom in the country. The other cement companies too are doing well, hence it is not an exception, he submitted.

It was further pointed out that in comparison to other cement companies, the M.P. Birla Group's cement unit is not making any remarkable profit. Other companies in the Group are incurring losses, as seen from the records.

The other Birla companies are doing much better than the M.P. Birla group companies, Mr Mookherjee said.

The affidavit of the assets on which Mr Lodha relied upon in his application for grant of probate petition does not show the entire true picture of the M.P. Birla properties, and the minutes of the court-appointed Special Officers show that there was much more properties and assets in the M.P. Birla group than that indicated in the statement of assets filed by Mr R.S. Lodha in his petition, the counsel argued.

Incidentally, exactly an year ago, on this day, Mr Lodha read out the contents of the last will and testament of late Priyamvada Devi Birla to the other Birlas claiming that she had bequeathed the entire assets of M.P. Birla estate to him, unleashing a legal battle which is now raging. The hearing will continue.

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