Thursday, January 6 2005 17:41 Hrs (IST) - World Time -

Kolkata: Two sisters of M P Birla - Laxmi Devi Newar and Radha Devi Mohata today (Jan 6, 2005) moved Company Law Board (CLB) challenging transfer of shares of East India Investment Company Private Limited (EIICPL) standing in the name of Priyamvada Birla to R S Lodha.

According to a petition filed by the two sisters, Lodha had 'illegally' transferred 33,715 shares of EIICPL standing in the name of Late Priyamvada Birla in his favour even prior to moving his probate application before Calcutta High Court.

The petitioners contended that the sole object of effecting transfer of the shares on July 15, 2004 in a hurried manner was a part of the scheme and design adopted by Lodha to usurp control of the M P Birla Group of Companies.

Both Mohata and Newar had prayed for cancellation of the said transfer of shares and an injunction restraining Lodha from exercising any rights, including voting rights of the said shares.

The petition also prayed for interim relief for appointment of a special officer to take possession of the said shares as well as Register of Members, Minute Book and other relevant records of the company.

The CLB has fixed January 12 for necessary directions. The petition is being seen as another attempt by Birla family to stop transfer of the assets of M P Birla Group to R S Lodha as per purported will made by Priyamvada Birla.

Birla family want the assets of M P Birla group to go to charity.

Incidentally, Birla family had already filed a series of cases against Lodha and had even challenged the veracity of Priyamvada's Will the existence of which was announced by Lodha immediately after her death on July 3.