Companies

Court rejects petition in Birla-Lodha case

Our Bureau Kolkata | Updated on November 27, 2012 Published on November 27, 2012

The Supreme Court has dismissed a special leave petition (SLP) by Harsh Vardhan Lodha challenging a previous order by the Calcutta High Court.

The High court, in its order in August this year, vested control of the Rs 5,000-crore estate of the late Priyamvada Birla to a three-member committee of administrators.

In its November 26 order, the apex court said: “We find no merit in the petitions for special leave. These are dismissed.” The order was passed by a Bench compromising Justice Aftab Alam and Justice Ranjana Prakash Desai.

According to the Birla camp, with the Supreme Court dismissing the petition; administrators will be allowed to represent the estate and would also have the rights and powers of a registered member of Birla Corporation.

This means the administrators will get themselves recorded as representatives of the estate and take necessary steps to enjoy the rights and privileges of shareholders.

They will also take possession of the Estate’s assets; from “receivers and court appointed special officers, executor’s legal heirs and, the present institution and companies, as the case may be”, the Birla camp maintained.

The administrators will also appraise the asset.

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Published on November 27, 2012
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