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Rediff.com  » Business » Birla-Lodha case in Supreme Court

Birla-Lodha case in Supreme Court

Source: PTI
September 08, 2005 19:31 IST
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A see-saw battle of arguments between the Lodha camp and the Birla group, who are fighting for control of Priyamvada Birla's Rs 2,400 crore (Rs 24 billion) assets, on Thursday unfolded before the Supreme Court, where issues relating to her 'will' and controversy over revocation of the previous one came to the forefront.

Sticking to the stand that there was no breach of trust, Lodha camp's counsel, senior advocate Harish Salve, submitted before a Bench comprising Justice B P Singh and Justice S H Kapadia that "the criminal complaint was carefully crafted and it contained selectively produced documents.

"These documents do not make out case," he said, adding, "It is a open and shut case".

Birla vs Lodha: War over a will

Interrupting Salve, senior advocate Ram Jethmalani, appearing for the Birla Group, said that the Lodha camp was evading the Bench's question -- what was the deed by which Priyamvada Birla had revoked the 'will'.

"Why don't you produce the deed by which the trust was made revocable," he asked them, while questioning their conduct.

At this point even the Bench said, "We want to know whether there was a deed of revocation".

To this poser, Salve said they (Lodha camp) would produce all documents and maintained that the complaint was untenable as it did not allege that somebody physically tried to misappropriate the assets of the five trusts.

During the day-long inconclusive argument, Salve appearing for Shiva Nath Prasad, who has been cited as one of the accused in the complaint, said, "Will is not about the misappropriation of property".

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