Mumbai: Amid the decade-long legal battle between the Birlas and the Lodha Group, Harsh Vardhan Lodha has been removed as a director from the boards of four MP Birla Group investment firms, while Lodha has challenged the move terming it as "illegal".
The legal fight for the ownership of the Birla Estate began after the late R M Lodha — the father of H V Lodha — produced the will of the late Priyamvada Birla.
In the will, which has been disputed by the Birlas, R M Lodha was named as the sole inheritor of the Rs 5,000-crore Estate that is today valued at over Rs 25,000 crore.
Harsh Lodha has ceased to be a director on the boards of four MP Birla Group investment companies — East India Investment, Baroda Agents & Trading Co, Punjab Produce & Trading Co, and Punjab Produce Holdings — according to information available on the corporate affairs ministry's MCA21 portal as of November 18.
He ceased to be a director on these companies' boards from September 18, 2020, according to the information on
the portal.
It was also on September 18 when the Calcutta High Court passed an order restraining him from holding any position in these companies based on the strength of the shareholdings of the Birla Estate in these companies.
Under the companies law, registered companies are required to submit various filings to the ministry through the portal.
The filing is based on the APL (administrator pendente lite) committee led by retired judge M S Shah's decision to remove him from the directorship after the September 18 ruling of the Calcutta High Court. The three-member APL panel was appointed by the court to administer the affairs of the Birla Estate.
Meanwhile, the Lodha group has filed a petition in the Calcutta High Court challenging the removal of Harsh Lodha from the directorship. The petition is scheduled for hearing from Friday.