'The chief minister believes the poorest of the poor have the first right on government resources.'
Nearly 98% of shareholders vote in favour of his reappointment and payment of remuneration to Lodha.
It was a replay of the annual general meetings of the cable companies of the M P Birla group last month even as the Birla side raised "illegalities" in the latest poll results.
The order, which set aside the August 9 ruling of a single-judge bench, prevented the group entities from publishing the voting results of the last AGM. However, the firms will now be able to execute decisions taken at the AGM last year. People in the know said the Birlas would appeal against the order in a higher court.
The court's directions mean that Lodha immediately ceases to hold all positions in the M P Birla group, including as director in the firms and other positions in the trusts and societies of the M P Birla group, a statement from the Birlas read.
Vindhya Telelinks, Universal Cables and Birla Cable shareholders go against family's wishes.
The fierce litigious fight for little-known Birla Corporation marked the first major controversy for this storied and reserved business family.
Birla Corporation has grown from a Rs 1,763-crore company to Rs 3,200 crore; profitability, however, has suffered due to the slowdown.
In the early part of 1800, a 30-acre plot next to Fort Gloster on the banks of river Hooghly in Howrah district of Bengal was the nerve centre of industrial activity; it housed India's first steam-powered cotton mill, Bowreah Mills, which was set up by a British merchant and went on to become a hub of factories - a rum distillery, foundry, cotton yarn factory, an oil mill and a paper mill, et al. Spearheaded by Dwarkanath Tagore, the industrialist grandfather of Rabindranath Tagore, the commercial complex was possibly the first of its kind in the country. Close to 200 years later, after much ebb and flow of history, the hub is set for a resurgence of sorts.
'We never go overboard on any stock, no matter how good it may seem.'
In its petition, Rameshwara Jute Mills, an MP Birla group company, has prayed that the board of directors of the Birla Corporation and other M P Birla group companies should be superseded by independent people, as after the death of R S Lodha, there was no one to represent the company. Opposing it, the Lodha camp submitted before the board that the petition was not maintainable and that there was no need to appoint any chairman of the group.
Brokerages are expanding the universe of stocks they cover amid a boom in the market. Several stocks in the mid-cap universe are now tracked by more analysts than they were a year ago. For instance, SBI Cards and Payment Services is now tracked by 17 brokerages, compared to just four a year ago.
The world is full of family businesses that withered away with the passing of generations, creating much bitterness and ill will. Entire clans that used to be household names have become pale shadows of their once-mighty empires.
While small-caps have delivered higher returns than their large-cap peers, investors would do well to recognise the incremental risk of investing in these companies.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
A division bench comprising Justice P C Ghose and Justice T K Dutta, while setting aside the order of Justice K J Sengupta appointing the four administrators to the estate, directed Lodha not to sell any part of it or spend any amount from it except for its maintenance.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The Aditya Birla group has taken The Indian Express Ltd, publishers of the Indian Express newspaper, to court.
In a relief to R S Lodha, the Company Law Board on Monday dismissed a petition seeking investigation into who controls M P Birla flagship company Birla Corporation.
Factories are shutting down owing to a shortage of labour and raw materials, and a lack of logistical support amid the ongoing nationwide lockdown against the coronavirus pandemic.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Sensex gained 38.18 points or 0.15% at 25,918.95 and Nifty ended higher by 12.50 points or 0.16% at 7,739.55.
Submits revised proposal to CCI as Birla Corp deal fails
Ahmedabad-based firm to fund deal through equal amount of equity and debt.
The Centre on Wednesday told the Supreme Court it would examine the current status of development in 61 coal blocks allocated to companies, on a case-by-case basis, and take a decision within six weeks.
The broader markets, however, outperformed the benchmark indices -- BSE Midcap and Smallcap indices ended up 0.6%-1%.
Biggest contribution came from Bharti group-led Satya Electoral Trust.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.
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