Financial Daily from THE HINDU group of publications
Thursday, Sep 30, 2004
Pilani AGM held sans MP Birla group representation
Kolkata , Sept. 29
DESPITE holding 25 per cent in Pilani Investment & Industries Corporation Ltd, MP Birla Group will not have any representation on its board of directors for the time being.
Priyamvada Birla used to be a director on the board of Pilani Investment ever since her husband (M.P. Birla) died in 1990.
The shareholders at Pilani Investment's annual general meeting (AGM) held on Wednesday, however, did not discuss the issue of filling up her vacancy.
MP Birla Group is the single largest shareholder in Pilani Investment.
Along with the MP Birla Group, the other major shareholders in Pilani are the GP Birla Group with 25 per cent, BK Birla Group (24 per cent), SK Birla Group (eight per cent) and KK Birla Group (five per cent).
According to Mr P.K. Khaitan, Director of Pilani Investment, the issue of filling up the vacancy on the board caused by the death of Priyamvada Birla was not discussed at the AGM because it was not the agenda. He told Business Line he was not aware whether this vacancy would be filled up at all.
Interestingly, Mr Rajendra Singh Lodha was not present at today's meeting. He was supposed to represent the MP Birla Group at the AGM by virtue of his chairmanship of Punjab Produce & Co Ltd, which holds the Pilani Investment shares.
The meeting turned out to a routine affair. Shareholders present at the meeting said it was over in 10 minutes.
All the seven resolutions were passed without any hitch. The shareholders approved the appointment of Mr R.A. Makharia as the Managing Director.
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