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States » EastPosted at: Nov 19 2020 7:05PM


Lawsuits filed in HC challenging the raft of actions to remove Harsh Vardhan Lodha as a director

Kolkata, Nov 19 (UNI) Lawsuits have been filed in Calcutta High Court challenging the raft
of actions taken by Hon'ble Justice Mohit S. Shah (retired) as the chairman of five investment companies of the MP Birla Group to remove Harsh Vardhan Lodha as a director of these
companies.
Lodha has been a director in these companies since 2004.
Shah and A.C. Chakrabortti, as members of the APL Committee, formed the opinion that
Lodha automatically ceased to be a director of these and other MP Birla Group entities by
virtue of the verdict dated 18 September passed by Hon'ble Justice Shahidullah Munshi
even after it was modified by an interim order of the division bench of the Calcutta High
Court dated October 1.
The interim order of the division bench made it clear that Lodha was barred from holding
office in the MP Birla Group only on the strength of the shares of the Priyamvada Birla
Estate.
In four of these investment companies, Lodha was not reappointed director on the strength
of the Estate. In the fifth one, Gwalior Webbing, the Estate's ownership is 50.43%.
In its last AGM held in December last year, Lodha was reappointed director by show of
hands with three directors in favour and one against. Though Shah had raised his hand
against the reappointment of Lodha, he did not demand poll and thus his reappointment was
carried by majority.
In one of these holding companies, the Estate does not hold any share at all, and in another
its ownership is a mere 0.08%.
Shah, as the chairman of the investment companies, decided on his own that Lodha had
ceased to be director of these companies and did not send notices to him for board
meetings held since October 1.
These board meetings were conducted without properly appointing a chairman and without compliance with various provisions of law.
Further, in gross violation of law, these companies were coerced by Shah into sending
notices to the Ministry of Corporate Affairs removing Lodha as a director.
"All the actions taken by Shah in the past one-and-a-half months were completely
illegitimate exploitations of the verdict of Hon'ble Justice Munshi which is under challenge.
These actions were taken in gross disregard of modifications made by Hon'ble Chief
Justice T.B. Nair Radhakrishnan and Hon'ble Justice Shampa Sarkar," said Debanjan
Mandal, partner, Fox & Mandal, representing Lodha.
Applications challenging the removal of Lodha from the five investment companies are
to be heard at Calcutta High Court, starting November 20 for permanent and interim relief.
UNI PL-XC SJC BM
Tags: #Lawsuits filed in HC challenging the raft of actions to remove Harsh Vardhan Lodha as a director
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