Kolkata, June 24 (IANS) The Calcutta High Court Thursday gave permission to Birla Corporation Limited, controlled by the Lodhas, to hold its annual general meeting (AGM) that was adjourned Wednesday following a stay order by a city court.
Vacating the ex-parte stay order given by District judge Kalpana Dey, Calcutta High Court justice Prosenjit Mondal allowed the M.P. Birla Group flagship company to hold the AGM as per the Companies Act. The stay order had been given after Prabhat Sureka, who holds 200 shares, moved the court on the issue of postal ballots.
Following the stay order, the Birla Corporation appealed to the Calcutta High Court seeking vacation of the stay.
Birla Corporation is the flagship company of the Rs.5,000 crore M.P. Birla Group – controlled by the Lodhas – which is involved in a legal battle with the Birla family.
The Lodhas have staked claim to ownership of the M.P. Birla estate based on Priyamvada Birla’s purported will bequeathing the entire wealth to R.S. Lodha, who has since died.