Birla Corp AGM adjourned following court order

June 23rd, 2010 - 10:34 pm ICT by IANS  

Kolkata, June 23 (IANS) The annual general meeting (AGM) of the Birla Corporation Limited, controlled by the Lodhas, was adjourned Wednesday following a stay order given by a city court on a petition moved by one of the shareholders.
District judge Kalpana Dey gave the ex-parte stay order after Prabhat Sureka, who holds 200 shares, moved the court on the issue of postal ballots.

Birla Corporation chairman Harsh Lodha announced the adjournment after the company management was served a copy of the order by the petitioner’s lawyers.

Birla Corporation is the flagship company of the Rs.5,000 crore M.P. Birla Group - controlled by the Lodhas - which is involved in a legal battle with the Birla family.

The Lodhas have staked claim to ownership of the M.P. Birla estate based on Priyamvada Birla’s purported will bequeathing the entire wealth to R.S. Lodha, who has since died.

Following the stay order, the Birla Corporation appealed to the Calcutta High Court seeking vacation of the stay.

Justice Prosenjit Mondal fixed the matter for hearing Thursday morning after it was mentioned in his court.

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