Lodha scores over Birlas in jute firm

In a fresh twist to the ongoing tussle between the Birlas and Lodha, the M.P. Birla group has been dislodged from the management control of ...

In a fresh twist to the ongoing tussle between the Birlas and Lodha, the M.P. Birla group has been dislodged from the management control of an investment company Jute Investment Co Ltd.

At the annual general meeting (AGM) of Jute Investment held here on Wednesday, the M.P. Birla group nominee S.K. Daga was ousted and the board was filled up by five Birla representatives, J.P. Chhaochharia, D.P. Sureka, J.P. Agarwal, S.K. Parik and R.P. Pansari.

Prior to the rift, Jute Investment was under the management control of M.P. Birla group, having 22.29 per cent stakeholding in the company.

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The B.K. Birla group was controlling 46 per cent stake, while G.P. Birla and S.K. Birla were together controlling the remaining 31 per cent.

All the Birlas had earlier joined together to challenge R.S. Lodha, who has staked claim to the entire estate of M.P. Birla group, citing a will left behind by Priyamvada Birla, who died in July 2004.

The matter is pending before the Calcutta High Court.

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