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| HC orders administrators' panel for Birla estate |
| BS Reporter / Kolkata Aug 28, 2010, 00:47 IST |
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The high court here has ordered appointment of three independent administrators to take control of the entire estate of the late Priyamvada Birla, in the legal tussle over her having allegedly bequeathed these away from her family.
Judge K J Sengupta has said one of the three should be essentially from the legal profession, one an expert in accounting and the third a distinguished person with business experience.
“Justice Sengupta also directed that the said administrators would take control of the entire estate of Late Priyamvada Birla and also take possession of the share certificates. They shall exercise all rights and powers in accordance with law,” the Birla side said.
However, the solicitor of Harsh Lodha, heir to the person she had allegedly willed it to, clarified the appointment of administrators was for the estate of Priyamvada Birla and not the companies. “She held only 1,260 shares in Birla Corporation Ltd, 500 shares in Vindhya Telelinks Ltd, 42,003 shares in Universal Cables Ltd and 72,241 shares in Birla Ericsson Optical Ltd,” Fox & Mandal partner, Debanjan Mandal, said.
Apart from the shares, the estate includes bank balances and bonds.
Lodha’s solicitors are weighing options and could file an appeal. “It could be against a part of the order and not the whole,” Mandal clarified.
“The appointment of independent administrators has vindicated our contentions, though we are yet to see the details,” a spokesperson of the Birlas said, when contacted.
The dispute relates to the alleged last will of Priyamvada Birla, bequeathing assets to Rajendra Singh Lodha. Lodha applied for probate of the will after the death of Priyamvada Birla on July 3, 2004.
However, he died on October 3, 2008 and his son, Harsh Vardhan Lodha, filed petition in the high court for substitution and for continuing with the proceedings. By an order passed on February 5, 2010, Lodha was allowed to continue. In November 2008, two petitions were filed by the sisters of M P Birla/legal representatives of them and one by Harsh Vardhan Lodha for appointment of administrator.
While Harsh Vardhan Lodha applied to be appointed administrator in respect of the estate of Priyamvada Birla, the sisters of M P Birla also applied for appointment of administrator.
“They had asked for various wide powers of the administrators. This petition was heard and finally, by judgement delivered today, the Court has appointed three administrators (names not decided) over the estate of Smt Birla. Further details of the judgement are not available,” Mandal said.
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