The Hindu : Business : Birlas demand resignation

Online edition of India's National Newspaper
Saturday, Feb 04, 2006

Business

Business

Birlas demand resignation

Special Correspondent

KOLKATA: In a new twist to the ongoing dispute over the ownership of the property of late M. P. Birla, the Birla camp on Friday demanded resignation of Rajendra Singh Lodha in wake of the judgement delivered by the Supreme Court.

Speaking on behalf of his clients, N. G. Khaitan, senior counsel, Khaitan & Co., said that after Friday's development R. S. Lodha (who is now chairman of the M. P. Birla group flagship Birla Corp) "should resign forthwith as an executive from all the companies in the M. P. Birla group and all charitable trusts and institutions." "Morality demands that they should not meddle in the affairs of the M P Birla group till they come clean", he said at a press conference in the presence of senior executives of some Birla companies.

Mr. Khaitan said the Birlas would now ask for early hearing and the appointment of a fast track court to hear the criminal complaint filed against Mr. Lodha and others since the matter involved the country's biggest charity foundation valued at Rs. 2,400 crore at 2004 prices However, even as the Birlas saw Friday's order as a victory (even cutting a celebratory cake at a media conference), the Lodha camp was not willing to concede them one, saying that all contentions advanced by the two sides would be left open to be urged before the appropriate forum.

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