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.
HC nixes petitions against Harsh Lodha continuing as MP Birla Group Director
April 22, 2021
‘Go-ahead for him to remain chairman of all cos of the group’
The Calcutta High Court, on Thursday, dismissed the contempt petitions filed against Harsh Vardhan Lodha for continuing as director of MP Birla Group companies.
According to Debanjan Mandal, partner, Fox & Mandal and the advocate for Lodhas, the verdict would clear the decks for Lodha to continue as the chairman of all companies of the MP Birla Group including Birla Corporation, Universal Cables, Vindhya Telelinks and Birla Cable.
“Our client is deeply grateful to the highest honorable court of the state for this resounding victory. In the past two years, relentless attacks have been mounted, not only on Lodha, but also on the independent directors and executives of the MP Birla Group companies. Thursday’s verdict vindicates the highest level of governance standards maintained in these companies from the times of the l
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Birla Corporation Ltd posts 82% jump in net profit The company attributed the sequential deceleration to the cost push
Birla Corporation Ltd posted an 82.1 per cent jump in net profit for the third quarter compared with the same period last year even as it could not maintain the profit and the margin recorded in the preceding three months.
Net profit of the Harsh Vardhan Lodha managed company stood at Rs 148.42 crore compared with Rs 81.49 crore in the third quarter of the previous fiscal and Rs 166.62 crore in the second quarter of this fiscal.
Birla Corp attributed the sequential deceleration to the cost push. “In the December quarter, the company witnessed an increase in raw material, power and fuel costs. Also, cement prices remained relatively weaker in the quarter compared with the preceding three months and together they led to the softening of EBIDTA per tonne on a sequenti