Kolkata: The management of Birla Corp. Ltd, the flagship of Kolkata-based M.P. Birla group, adjourned the annual general meeting scheduled for Monday. It was to be the first annual general meeting after former chairman R.S. Lodha died in October, and its first that was adjourned.
Last week, a section of shareholders had moved the Company Law Board (CLB) and secured an order from it restraining H.V. Lodha, a director and R.S. Lodha’s son, from chairing the meeting and the firm from announcing the result of polls on resolutions on the agenda.
The firm’s management moved the Supreme Court on Monday seeking a stay on the CLB order but the apex court refused to grant it. It instead said that the petition should be heard “expeditiously” by the Calcutta high court. After the apex court’s order, the Birla Corp. management decided to hold the annual general meeting on 24 August.