33 C
Mumbai
Monday, April 19, 2021
Home Business Harsh Vardhan Lodha removed from ₹25,000 crore MP Birla empire

Harsh Vardhan Lodha removed from ₹25,000 crore MP Birla empire

Harsh Vardhan Lodha removed from ₹25,000 crore MP Birla empire
Image Source : FILE PHOTO Harsh Vardhan Birla.

The Calcutta High Court on Friday handed its closing judgment directing the elimination of Harsh Vardhan Lodha from all of the positions throughout the MP Birla Group. The excessive court docket has additionally handed a bunch of different instructions in favour of the Birlas. This arises out of the lengthy standing dispute between the Birlas and the Lodhas concerning the need of Priyamvada Devi Birla.

In July 2019, the Birlas had filed an utility earlier than the Calcutta High Court for the implementation of the choices of the Committee of Administrators.

The Committee of Administrators was appointed by the excessive court docket in 2012 to manage and handle the property of late Priyamvada Devi Birla.

The committee in July 2019 directed the elimination of Harsh Vardhan Lodha from the boards of the Vindhya Telelinks Limited and Birla Cables Limited.

The committee additionally refused to assist the decision for the fee of revenue primarily based remuneration to Harsh Vardhan Lodha. The identical selections have been repeated in relation to the Birla Corporation Limited and the Universal Cables Limited in July 2020.

Lodha was accused of practising towards corporations curiosity

The committee took these selections totally on the idea that Harsh Vardhan Lodha was able of battle of curiosity and performing towards the pursuits of the property and the businesses.

This set the stage for an additional spherical of acrimonious and aggressively contested authorized battle between the Birlas, Lodhas and the MP Birla group of corporations — which selected to facet with the Lodhas.

In relation to sure interim safety granted by the one decide, the matter travelled all the way in which up until the Supreme Court whereby the apex court docket dominated in favour of the Birlas and made the choices taken by the businesses towards the committee’s directives topic to the ultimate consequence of the choice of the excessive court docket.

The Supreme Court additionally affirmed the inclusion of the businesses within the dispute in relation to the choices by the Committee of Administrators.

Now, the Calcutta High Court in a judgment has directed the implementation of the choices of the Committee of Administrators. The court docket has restrained Harsh Vardhan Lodha from holding any place within the M.P. Birla Group. The court docket has additionally restrained Harsh Vardhan Lodha from drawing any profit from the belongings of the property.

The court docket has particularly restrained him for interfering with any choice of the APL Committee, which is taken by majority. This paves means for clean functioning of the Committee of Administrators.

These instructions imply that Harsh Vardhan Lodha instantly ceases to carry all of the positions within the M.P. Birla Group, together with as director within the corporations and different positions within the trusts and societies of the M.P. Birla Group. The court docket held that for the reason that corporations are usually not events to the testamentary proceedings, instructions can’t be handed towards them however the selections of the Committee of Administrators shall be carried out by Lodhas, who’re plaintiffs within the testamentary proceedings.

Latest Business News

Fight against Coronavirus: Full coverage



Source link

Most Popular

EnglishGujaratiHindiMarathiUrdu