Questions were recently raised by securities lawyers and proxy advisory firms on founders of money-losing startups continuing to retain control of the companies even though they classified themselves as public shareholders
Calcutta high court dismisses contempt petitions against Harsh Vardhan Lodha The latest round in this dispute signals the end of another chapter in the legal battle between the Birla and Lodha families over the control of the MP Birla empire
The Calcutta high court on Thursday dismissed a clutch of contempt petitions filed by the Birla family which effectively allowed Harsh Vardhan Lodha to remain on the boards of the listed companies of the MP Birla Group, including flagship Birla Corporation Ltd.
The Birlas had filed five cases against Lodha and four companies contending that the chairman of Birla Corporation had violated a judgment handed down by Justice Sahidhullah Munshi (now retired) by continuing on the boards of these companies and directing their affairs.