The Hindu Business Line : Priyamvada's will contains long-term succession plan

According to sources, she has clearly stated in the will that Mr R.S. Lodha has expressed the desire to turn to philanthropic activity after the age of 65.

Hence, she is making a provision where he can `delegate' his authority to a three-member Board of Trustees, which may include his son Mr Harsh V. Lodha and her niece Ms Nandini Nopany. However, the full authority of the members constituting the board lies with Mr R.S. Lodha.

Further, in the concluding part of the will she has also expressed her "keen desire'' that Mr Rajendra S. Lodha pass on the mantle and authority bestowed on him to his son Mr Harsh V. Lodha who could "take the place of his father in full measure'' as she had been "grooming him for many years.''

While bequeathing all "management, administrative, financial, legal and other aspects relevant to ownership\control and full management'' to Mr Lodha, she expects him to follow all the specific "duties under this will'', including giving adequately to all the M.P. Birla charitable institutions and upholding the high "ethical, moral and legal principles'' followed by her husband. In the will, she also states that she expects Mr Lodha to "endeavour to expand the activities'' of the charitable institutions of the M.P. Birla group.

The fact that Mr R.S. Lodha was a "close friend and well wisher" and that the ultimate aim of the Birlas was to fund charitable institutions is clearly documented in a biography of Mr M.P. Birla published in 1993 by Har Anand Publications, where there is a reference to how the idea for setting up the M.P. Birla Foundation was formed. The story takes you to Tirupati where the M.P. Birla Foundation was conceived.

While resting at the mandapam waiting for the Paramacharya of Kanchi, Mr M.P. Birla decided with his wife on starting a Foundation that would inherit their properties.

The Foundation was formed on January 23, 1986, with its trustees being the three daughters of Mr K.K. Birla, his brother-in-law, Mr Kashinath Tapuriah, three executive heads of his industrial group and two professionals, one of whom was Mr R.S. Lodha.

In fact, he also wrote to Mr K.K. Birla's three daughters, giving them the details regarding the M.P. Birla Foundation and that Mr R.S. Lodha would be one of the nine trustees.

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