Corporate
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Corporate Disputes
Lodha counsel slams Birlas' conduct
Our Legal Correspondent
Kolkata
,
Sept. 1
RESUMING arguments in the case of appointment of Administrator over the property of M.P. Birla on Thursday at the Calcutta High Court, the Counsel of Mr R.S. Lodha slammed the conduct of B.K. Birla, G.P. Birla and Y. Birla. The matter came up before Mr Justice K.J. Sengupta.
Earlier, the team of Special Officers filed a report of the inventory of items found in the Birla houses, disclosing that gold coins, artefacts and licensed pistols have been found.
The court directed the team to complete a full exercise of the said inventory and to take still photographs of the items found.
The Lodha counsel clarified item-wise as to how Mr Lodha has endeavoured to ensure that all the industries under Birla Corporation Ltd (BCL) prosper. It is evident from the records that all the units of BCL are profit-making organisations and the profit range is graphically upwards, he submitted.
It was contended that the Birlas were trying to find fault with the activities of Mr Lodha, and intentionally did not utter as to how the UTI loans have been paid off. This is an achievement which cannot be ignored, rather should have been highlighted, he added.
The counsel further submitted that there was no need for appointing an Administrator over the Priyamvada Birla, as no crisis was in sight in BCL.
In order to dislodge Lodha, such baseless arguments are being advanced by the Birlas, he argued.
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