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M. P. Birla sisters challenge transfer of shares

By Our Special Correspondent

KOLKATA, JAN. 6. Laxmi Devi Newar and Radha Devi Mohatta, sisters of late M. P. Birla have filed a petition before the Company Law Board, Eastern Regional Bench, challenging what the petition described as fraudulent transfer of shares of East India Investment Company Private Ltd by R. S. Lodha.

A release issued on behalf of the sisters said that the petition filed under Section 111 of the Companies Act 1956, said that 33,715 shares of the said company were transferred in Mr. Lodha's favour prior to moving his probate application before the Calcutta High Court.

The petitioners felt that the sole object of this move, effected on July 15, 2004 was part of a scheme adopted by Mr. Lodha to usurp control of the M. P. Birla Group of companies.

The petitioners have prayed for cancellation of the transfer of shares and for an injunction restraining the respondent from exercising any rights, including voting. They have also asked for the appointment of a special officer to take possession of the shares, the Register of Members and the minute book of the company. The CLB has fixed January 12 for next hearing.

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