Kolkata, Feb 23 (UNI) The transmission of shares of East India Investment Company Private Limited was necessary to preserve the estate and avoid disintegration of the M P Birla Group.
Mr Anindya Mitra, senior advocate on behalf of Mr R S Lodha before the company Law Board, submitted that the transmission of shares of shares, held by Ms Priyamvada Birla, was made in favour of Mr Lodha as an executor and not for personal gains.
He further submitted that such transmission was necessary to maintain the integrity of the group and the petitioners, acting at the behest of the Birlas, were attempting to destablize the group by speaking to create a vacuum in the shareholding of the investment company.
Mr Mitra submitted that the two sisters were not the persons aggrieved and had no locus standi to challenge the said transmission of shares. They did not have any right in these shares as they had supported the alleged 1982 wills of Mr M P Birla and Ms Birla.
UNI XC SJC PA HS2004