Lodha Group spokesman said that this decision has been challenged in Calcutta High Court
Harsh Vardhan Lodha has been removed from the Board of Directors of five investment companies of MP Birla Group amid a decade-long legal dispute between Birla and Lodha Group. At the same time, Lodha challenged the move in the court and said it was illegal. Several petitions have been filed challenging the decisions of retired Justice Mohit S Shah of the Calcutta High Court. This includes his decision, including the decision to remove Harsh Vardhan Lodha, chairman of five investment companies of MP Birla Group.
Lodha had been a director of these companies since 2004. Legal battle of ownership over Birla Estate, HV Lodha’s father Late. Self by RM Lodha Priyamvada Birla’s will began after presenting her will. Birla objected to this will. In this, RM Lodha was declared the sole heir of the Rs 5,000 crore empire. Today the value of this empire is 25,000 crores.
Harsh Lodha MP Birla Group’s five investment companies, East India Investment, Gwalior Webing, Baroda Agents & Trading Company, Punjab Produce & Trading Company and Director of Punjab Produce Holdings, as per information available on November 18 on MCA21 portal of Ministry of Corporate Affairs Has been out of the circle. As per the information available on the portal, he has ceased to be a director of these companies since September 18, 2020.
The Calcutta High Court issued an order on 18 September prohibiting Harsh Lodha from holding any post in these companies. The ban was based on Birla Estate’s stake in these companies. Meanwhile, the Lodha Group has filed a petition in the Calcutta High Court challenging the removal of Harsh Lodha from the post of director. This petition is scheduled to be heard on Friday.
A spokesperson of the Lodha Group said that this decision has been challenged in the Calcutta High Court. MS Shah, chairman of five investment companies of MP Birla Group, has removed Lodha from the post of director by misinterpreting the High Court verdict. The court also prohibited Lodha from taking any personal benefit from Priyamvada Devi’s property. Priyamvada is the late wife of MP Birla. A committee was appointed by the court to manage this property.
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