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.
Nearly 98% of shareholders vote in favour of his reappointment and payment of remuneration to Lodha.
Vindhya Telelinks, Universal Cables and Birla Cable shareholders go against family's wishes.
Birla Corporation has grown from a Rs 1,763-crore company to Rs 3,200 crore; profitability, however, has suffered due to the slowdown.
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 fierce litigious fight for little-known Birla Corporation marked the first major controversy for this storied and reserved business family.
India's residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, industry experts feel the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment.
