Tuesday, November 27, 2012
In August, the Supreme Court of Kolkata vested control of the Rs 5,000 crore estate of the late Priyamvada Birla to a three-member committee of administrators. Harsh Vordhan Lodha filed a special leave petition challenging that order and the High Court recently dismissed this petition. The Court held that they found no merit in the petitions, so the administrators will not be allowed to represent the estate and have the rights and powers of a registered member of the Birla Corporation. The administrators will appraise the asset, be recorded as representatives of the estate, and enjoy the rights and privileges of shareholders.
See Court Rejects Petition in Birla-Lodha Case, The Hindu Business Line, Nov. 27, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.