Financial Daily from THE HINDU group of publications
Thursday, Mar 24, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 24, 2005 |
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Corporate
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Corporate Disputes HC says no to administrator over Priyamvada's estate Our Legal Correspondent
Kolkata , March 23 MR Justice K.J. Sengupta of the Calcutta High Court today refused to appoint any administrator over the estate left behind by Priyamvada Devi Birla. The court passed the order on an application filed by Ms Radha Mohta and Ms Laxmibai Newar, the two sisters of M.P. Birla, for appointment of an administrator. The court observed that such petition for appointment of an administrator at this stage was unwarranted. The court refused to grant any interim order restraining Mr R.S. Lodha from controlling the estate of M.P. Birla and Priyamvada Birla, as prayed for by the Birlas. It also refused to pass an order of status quo in respect of appointment of directors in the companies under control of M.P. Birla, because in that event, the director would not be able to work independently. However, it said that for removing the director from the company's board, legal process can be envisaged, if needed. The court has directed Mr Lodha to not sell, alienate, encumber or to deal with the shares of the company or any part of the assets without its leave. No allegation of mismanagement by Mr Lodha in running the companies has been recorded in the order. The court, however, ordered that dealing with the assets cannot be done save and except the usual course of business. It took a lenient view of floating of multiple proceedings in different forums by the Birlas to bog down the claims of Mr Lodha. It directed the parties to file affidavits in all the cases, and fixed hearing of the case after eight weeks.
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