The Hindu Business Line : High Court hearing of Lodha appeal tomorrow

Mr Justice Maharaj Sinha of the Calcutta High Court will hear on Thursday the appeal filed by R.S. Lodha, and East India Investment Co Ltd challenging the order of the Company Law Board (CLB) directing Lodha to rectify the transfer of shares of East India Investment, standing in the name of Priyamvada Birla, which R.S. Lodha had got transferred to his name after the death of Priyamvada.

The two sisters of M.P. Birla, husband of Priyamvada, filed a petition before CLB alleging that on the Shradh day of Priyamvada Devi, Lodha, by virtue of being the sole executor of the alleged Will of Priyamvada, transferred her shares in East India Investment to in his name illegally. Responding to this petition, the CLB directed East India Investment to rectify the shares transferred by Lodha in his name, and that these be re-transferred in the name of Priyamvada.

In the appeal, R.S. Lodha and East India Investment stated that being an executor, law provides that without getting probate Lodha can take control of the shares and assets of Priyamvada.

While passing the order on June 28, 2006, the CLB declined to consider such proposition of law. However, the Birla group opposed the appeal and the court fixed April 12 as the date for hearing of the matter.

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