Calcutta HC allows Birla Corp to hold its AGM

The Calcutta High Court today allowed M P Birla group company Birla Corporation to hold its AGM which was stalled yesterday following a district court order.

Justice Prasenjit Mandal set aside the order of district judge Kalpana Dey and directed that Birla Corporation was free to hold its AGM for 2010 as required under the Companies Act.

Prabhat Kr Sureka holding 200-odd shares of the company yesterday moved the Alipore Court on the issue of postal ballots following which the district judge passed an ex-parte order of injunction stalling the proceedings of the AGM.

Subsequently, Birla Corp moved the Calcutta High Court seeking a stay on the injunction.

Last year, Birla Corp's AGM had to be adjourned without considering any item on the agenda on a court directive.

The M P Birla Group is at the centre of a legal dispute between the Birla family and the Lodhas, who claim ownership of the Rs 5,000 crore M P Birla estate on the basis of a purported will left behind by Priyamvada Birla to the now deceased R S Lodha.