CLB upholds appointment of H V Lodha in Birla board
Press Trust Of India / New Delhi Oct 20, 2009, 00:16 IST
The Company Law Board (CLB) has dismissed a petition that challenged the appointment of Harsh Vardhan Lodha, son of RS Lodha, on the Board of Birla Corporation.
In a judgement on a petition filed by Jodhraj Laddha, Arun Kumar Jhunjhunwala, Kanupriya Bagrodia, Sunita Parasramka, S Chatterjee and Rameshwar Jute Mills supported by Birla clans, CLB Chairman S Balasubramanian said the plea was motivated and was a personal attack on Lodhas.
The Birlas and Lodhas have been engaged in a legal battle since 2004 over the will of late Priyamvada Devi Birla, who had bequeathed 62.9 per cent controlling stake in the company to R S Lodha, who died later on October 3, 2008.
“I find that the petition deserves to be dismissed...The petition is a motivated one for an ulterior purpose of ousting Lodha from the management and not for protecting the interest of the company,” said Balasubramanian.
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