Financial Daily from THE HINDU group of publications
Wednesday, Jul 21, 2004
Corporate - Corporate Disputes
What Priyamvada's will says
Kolkata , July 20
ADDING a fresh twist to the entire will episode, one of the three attesting witnesses to the last will and testament of Priyamvada Birla, widow of late M.P. Birla, Mr P.L. Agarwal today petitioned the Calcutta High Court stating that he was not the P.L. Agarwal who had actually signed the will.
The will was made on September 9, 1999, and registered on September 23, 1999, as per information available with Business Line. Lawyers say that if a will is registered, it was unlikely that any of the attesting witnesses may turn hostile at the time of probating it. The petition by Mr Agarwal, purportedly the signatory, stating that he was a different P.L. Agarwal raises certain crucial questions.
Reproduced below is the text of Priyamvada's will, which clearly and unambiguously leaves all her assets to Mr R.S. Lodha.
"I, Priyamvada Birla, wife of late M.P. Birla, by this will, protect the individual identity of M.P. Birla Group. The property now standing in my name is bequeathed to Mr R.S. Lodha in full and to his family. It is apprehended that if the property of M.P. Birla family is left to other persons, other than Mr R.S. Lodha, the good name of M.P. Birla is likely to be sent in oblivion.
Since we do not have any issue, so to protect the entire property of which I am the absolute owner, by this will, I give it to Mr Lodha and his family totally. After execution of this will, Mr R.S. Lodha will be absolute owner of the properties. And I express that Mr R.S. Lodha shall be executing this will for obtaining probate, in the capacity of executor, from appropriate court of law.
In my absence, or on my death, Mr R.S. Lodha and his family, shall be the only owners of the properties of M.P. Birla. All trusts, charitable organisations, health and educational institutions, which M.P. Birla created during his lifetime shall run as usual.
There will be no change in name and style of any institution created by M.P. Birla. All the business and industrial centres shall be operated from a commercial point of view and under commercial perspective only.
In my view, the ideals of M.P. Birla shall be retained perpetually and no deviation shall be allowed to take place.
Dr Madan Mishra
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line