Swiss Partners declare no confidence in R S Lodha

Kolkata, Nov 14 (UNI) Union Bancaire Privee, Switzerland, and Lodha and Co joint venture has come to a deadlock.

UBP representative attended the annual general meeting of joint venture company Swiss India Financial Services Company Private Limited and voted against all the proposed resolutions at the meeting.

The resolutions included the reappointment of H.V. Lodha, son of R S Lodha, as director.

UBP, having lost confidence in its Indian partner, filed winding up of Swiss India Financial Services Company Private Limited, which is now pending before the Calcutta High Court.

The joint venture was formed with 50 per cent shareholding of each parties in 1994 for the purposes of establishing a jointly owned financial services company to develop, manage, market and provide suitable opportunities in financial services as well as oversee the interests of UBP, in India.

Swiss India Financial Services Company Private Limited was having two directors on its board, namely, Harsh Vardhan Lodha, son of R.

S. Lodha and Mr. A. K. Basu, nominee of R. S. Lodha.

Union Bancaire Privee (UBP) has no nominee on the board of Indian company.

UNI TJP KK DB1914