The Lodhas have scored a serious win on the annual common conferences (AGMs) of the three cable manufacturing firms of the MP Birla group — Birla Cable, Universal Cables and Vindhya Telelinks — as shareholders have voted against the induction of nominees of The Punjab Produce & Trading Co on the businesses’ boards of administrators.
Harsh V Lodha, who was in search of reappointment as a director of Birla Cable, obtained 83.11% of the legitimate votes cast in his favour.
In distinction, Satish Pradhan, who was the nominee of The Punjab Produce & Trading Co, one of the funding firms of the MP Birla group, as a non-executive non-independent director of Birla Cable in place of Lodha, obtained solely 18.55% shareholders’ votes as round 81.50% of the legitimate votes cast against his appointment.
Voting outcomes of Birla Cable’s AGM additional revealed that, Dhanpat Ram Agarwal, additionally a nominee of The Punjab Produce & Trading Co, obtained solely 18.55% of votes cast in his favour.
The Punjab Produce & Trading Co had earlier despatched notices to the group’s working firms, Birla Corporation, Birla Cable, Universal Cables and Vindhya Telelinks, proposing board seats for its nominees on the businesses’ board of administrators. AGMs of the three cable firms have been held on September 23. Birla Corporation’s AGM is scheduled on September 29.
Significantly, the board of administrators of all of the working firms of MP Birla group “strongly recommended against” induction of nominees of The Punjab Produce & Trading Co, which has ongoing litigations with the businesses and entities belonging to the group.
“It’s a landmark victory over years of mischievous acts, and one of the most memorable ones in 17 years of the proxy war being waged against the wishes of the late Priyamvada Birla,” mentioned Lodha’s advocate Debanjan Mandal, companion, Fox & Mandal. “It gives us immense confidence to take on much more,” Mandal added.
Notably, the genesis of the over 17-year-old authorized row between the Birlas and the Lodhas over controlling the Birla Estate lies within the contested will of late Priyamvada Devi Birla, which was executed in July 1982 after the purported will allegedly transferred the shares of the MP Birla group, collectively known as because the Birla Estate, in favour of Rajendra Singh Lodha.
The authorized tussle started after the July, 1982 wills that gave away all of the belongings to charities however one other will of April 18, 1999 gave them to Rajendra Singh Lodha, now being pursued by his son Harsh Vardhan Lodha, and different heirs.