Getty ImagesKOLKATA | MUMBAI: The Calcutta High Court on Friday restrained Harsh Vardhan Lodha from holding any position in MP Birla Group companies with immediate effect, in a new twist to a 16-year-old legal battle for control of the cement-to-cables group.
The court also told Lodha not to draw any benefit from the assets of the MP Birla estate. The latter is expected to challenge the ruling before a divisional bench of the High Court early next week, people familiar with the development said.
A Birla Corporation spokesperson said the company will examine the judgement and take necessary steps including the filing of an appeal because the verdict seems to have ignored shareholders’ democracy and their right to elect a person as a director of a company.
“The Calcutta High Court order means that Lodha immediately ceases to hold all positions in the MP Birla Group including as director in the companies and other positions in the trusts and societies of the MP Birla Group,” the Birla family said in a statement.
The court also told Lodha not to draw any benefit from the assets of the MP Birla estate. The latter is expected to challenge the ruling before a divisional bench of the High Court early next week, people familiar with the development said.
A Birla Corporation spokesperson said the company will examine the judgement and take necessary steps including the filing of an appeal because the verdict seems to have ignored shareholders’ democracy and their right to elect a person as a director of a company.
“The Calcutta High Court order means that Lodha immediately ceases to hold all positions in the MP Birla Group including as director in the companies and other positions in the trusts and societies of the MP Birla Group,” the Birla family said in a statement.
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Natarajan Sivsubramanian1 hour ago will yash birla return all the deposits to the deposit holders after taking over from Lodha Lodha produced false documents he is a fraud yash birla fraud anil ambani fraud deepak is fraud vijaya mallya fraud nirav modi fraud how many frauds in india india is full of frauds india is next to u s a for both frauds and corona |