Petition disposed of by Company Law Board

Kolkata, June 28 (UNI) The petition filed by Laxmi Devi Newar and Radha Devi Mohata for rectifiction of register of members of East India Investment Company Pvt Ltd, an M P Birla group company, was disposed of today by an order passed by the Company Law Board.

They had challenged the transmission done by the company in respect of 33.715 shares of late Priyamvada Birla in the name of Rajendra Singh Lodha as executor to her estate.

It was, however, inter alia, held by the Company Law Board that the shares would continue to be a part of the estate of Priyamvada Birla, administered by the executor, and the estate would derive all the benefits accruing to the shares.

Lodha had applied for rectification of the share register as executor of the estate of Priyamvada Birla on legal advice and on the bases of the articles of association of the company and provision of law.

The Company Law Board today held that the register of members of the company be rectified by restoring the name of Priymvada Birla in respect of the said shares.

However, as the executor to the estate of Priyamvada Birla, Lodha will continue to administer her estate, including the shares in question, as provided in the CLB order.

Calcutta High Court by its order on May 19, 2006, and further order on June 13, 2006, directed status quo to be maintained with regard to the estate.

UNI XC SJC SRC VD RAI2027