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This is an archive article published on July 15, 2005

CLB rules out Birla plea for local abettor

The Company Law Board (CLB) on Thursday dismissed a plea to appoint a local commissioner to inspect the statutory records of M.P. Birla grou...

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The Company Law Board (CLB) on Thursday dismissed a plea to appoint a local commissioner to inspect the statutory records of M.P. Birla group’s flagship company — Birla Corporation and that of its shareholders.

Some shareholders of Birla Corporation had petitioned for the appointment of the commissioner under Sections 397 and 398 of the Companies Act, 1956.

R.S. Lodha’s side (which was the prime target of the petition) had no objection of such an inquisition. However, the board found no justifiable ground for the application and dismissed it after its hearing, here today.

At the same time, the CLB order directed that any change in the directors of the company or in the company’s shareholding pattern has to be notified to the board.

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