SC raps Lodha; Birla Corp AGM put off to Aug 24
Shareholders of Birla Corporation voted to adjourn the annual general meeting of the flagship company of MP Birla Group, after the Supreme Court refused to give relief to Harsh Vardhan Lodha, who wanted to chair the meeting.business Updated: Jul 27, 2009 21:17 IST
Shareholders of Birla Corporation on Monday voted to adjourn the annual general meeting of the flagship company of MP Birla Group, after the Supreme Court refused to give relief to Harsh Vardhan Lodha, who wanted to chair the meeting. The shareholders voted in favour of Birla Corp’s independent director, Pracheta Majumdar, to chair the AGM.
The AGM has now been rescheduled for August 24.
The AGM had become embroiled in a controversy over who would chair the meeting, with RS Lodha having passed away last October.
Harsh Vardhan, Lodha’s younger son, had moved Calcutta High Court seeking conversion of his father's proceedings for the over Rs 5,000-crore MP Birla group assets. Lodha senior had filed a probate application vide a purported will by Priyamvada Birla.
The Supreme Court Bench came down heavily on Lodha for filing a special leave petition in the apex court, against an order by the Company Law Board’s directions on holding the AGM in the apex court. "You should have moved the (Calcutta) High Court seeking to stay the AGM," it said.