9911796707
TMI Blog2006 (5) TMI 556X X X X Extracts X X X X X X X X Extracts X X X X ..... ceased in respect of the companies specified in schedule being Annexure 'J' to the petition; Administrator and/or Committee to be appointed herein to take over the management affairs and control of the M. P. Birla Group of Companies set out in schedule being Annexure 'J' and the shareholding of the companies specified in schedule being Annexure 'AA' including voting right; the said Administrator be directed to act as an Administrator, pendente lite, until disposal of the testamentary proceedings; the said person or persons be directed to take all decisions with regard to exercise of all rights in regard to shareholding of Smt. Priyambada Debi Birla in any company including the rights of control of other companies vested in Smt. Priyambada Debi Birla; injunction restraining the said R. S. Lodha and his men agents and/or assigns from dealing with, disposing of or encumbering any of the assets and properties of the deceased and/or exercising any right to control any company specified in schedule Annexure 'J' hereto. In the same testamentary suit and in connection with aforesaid two applications the propounder/executor has taken out two separate applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... husband whereby and whereunder some other persons who have already lodged caveat in order to context grant of probate of Will and testament dated 18th April, 1999 and codicil dated 15th April, 2003 have been appointed executors and trustees. In terms of the mutual Will the lady did not have any right or capacity to execute or publish any document subsequently after death of her husband. It appears from the mutual Will of the said lady and her husband executed in 1982 that all the properties have been given to the trust for the benefit of the public at large. It is surprising that the benevolent disposition of the lady completely disappeared from the purported last will unlike previous one, and the entire vast properties, both movable and immovable, have been given away to the said Lodha appointing him sole executor of the said last Will. In view of the execution of two mutual Wills dated 13th July, 1982 a separate suit for specific performance has been filed and the same is pending. The executors appointed by the said lady and her husband by the Will in 1982 had already applied for grant of Probate of the said Will and the same is pending. In this proceeding the executor Lodha has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... avit-in-opposition in terms of the Court's order to oppose the applications for appointment of APL as the allegations made in the applications are identical and same in verbatim. That apart he has made two separate applications as quoted above. Subsequently he has also filed a supplementary affidavit after filing of the affidavit-in-reply of the applicants caveatrix/ defendants. Upon reading of all the aforesaid pleadings the grounds to oppose prayer for appointment of APL as prayed for in the application are summarized hereunder. 6. No relief can be granted by appointing Administrator and/or otherwise to takeover management, affairs and control of the M.P. Birla Group of Companies as set out in Annexure or Annexure J . These companies are separate and legal entities and the assets and properties thereof do not belong to the estate of the said deceased Lady. Moreover the aforesaid companies are not parties to the probate proceedings. In any view of the matter Probate Court has no jurisdiction to pass any order touching properties of the companies. 7. The present application is filed by the two ladies. The applications for appointment of APL have been made with oblique mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ine. 8. While explaining and/or answering the charges of the applicants-on-merit it is stated basically that there is no necessity for appointment of APL. The estate is not huge or vast as it is sought to be projected. The challenge in the probate proceedings is not a challenge at all. The probate applicant Lodha is not a stranger in any sense whatsoever. Lodha, while having been appointed and worked as an Auditor of the M.P. Birla Group of Companies for a long time, started enjoying confidence of the husband of the deceased Lady and the deceased Lady herself. During the lifetime of this couple he was allowed to participate in the management and affairs of all the companies. After death of the husband of the said deceased Lady he used to advise and help her in all matters. During her life time even long before execution of the said Will of 1999 and Codicil he was appointed as Director, co-Chairman and even Chairman of various companies of M.P. Birla Group. The business of the M.P. Birla Group of Companies started flourishing and recovered from continuing loss in the business. All charitable activities were allowed to be looked after by Lodha during her lifetime. Because of his a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Chairman of the Board of Directors of the respective companies lawfully in the Annual General Meeting of the shareholders in the manufacturing companies. All the manufacturing companies and other companies are running profitably and smoothly and there has been no waste or mismanagement. The allegations of selling of assets and properties made in the applications are unfounded. One of the companies viz. Birla Carbide and Gases was closed as the same was losing concern for over the years during the lifetime of the said Lady. Accordingly, assets and properties thereof were sold out. As far as closure of Soora jute mill is concerned the same was done in accordance with the decisions of the Board of Directors as it was found that manufacturing capacity of such jute mill was not economically sustainable. The said jute mill located at thickly populated area and there has been no scope for expansion of the same. Moreover, because of the topography of the land where the factory is situated during rainy season it remains submerged and it is very difficult for to maintain purposeful transportation of the goods to and for the factory premises. Road space is also narrow. Therefore, in order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ognized and appreciated by all high profile institutions and personalities. Therefore, he is not a man of straw and stranger as it is pictured in the aforesaid two applications. 15. So-called allegations of siphoning of funds and diversion of the stock of cement are very minor things and the same have been taken care of with appropriate disciplinary measure by the efficient management. Now M.P. Birla Group of Companies are managed by very efficient professional management group and there is no need to appoint the persons who are not accustomed to and concerned with the business at all. 16. Mr. S. B. Mookherjee, learned Senior Advocate appearing with Mr. P. K. Das Senior advocate and Mr. S.P. Sarkar Senior Advocate appearing on behalf of their respective clients on behalf of the Birla Group advanced joint and identical argument in support of the application as follows: He while leading the argument on behalf of all the applicants contends on plain reading of Section 247 of the Act it is clear that appointment of APL is in the sole discretion of the Court, exercise of discretion is, subject to the condition to be satisfied that there should be a pending suit touching the va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estion rather no charge of waste or management has been made out or even levelled against alleged Executor. But conversely even if an estate is not in medio but there was a question about the integrity, credibility of the executor, a Court can appoint APL on that ground alone. He does not think that the charge of malfeasance or mismanagement is sine quo non for appointment of APL. Appointment can be made immediately after a caveat has been lodged with supporting affidavit or at least when the probate application has been converted into testamentary suit, before any testing time for the executor to bring his credibility or capability has elapsed. It is really mind-set of the Court when it will appoint APL, for example if the Court feels on the given facts and circumstances the Executor is not desirable or trustworthy person the Court may relieve him of discharging his duty of the Executor during pendency of the proceeding. In this case challenge to the Will has been made on two fold grounds namely (i) direct allegations of the genuineness of the Will namely on the ground of forgery, undue influence and importunity of the Will. These grounds are made out in the application (Paragraph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... about seventy, it is inconceivable, incredible and naive for Lodha to contend that he was unaware of the strong room and treasure trove which has now been discovered amongst other things. If the petitioner did not make the application for inventory and appointment of Receiver the strong room and the treasure trove would have disappeared or remained concealed. Therefore, it is plain and simple that there cannot be slightest doubt that the estate is not safe in the hands of Lodha. The significant portion of the estate of the deceased consists of shares in various companies and some 30 odd companies were used to be controlled by the deceased Lady through her shareholding in four investment companies. This power and control, he urges, is as much part of the estate as any tangible assets, which were owned by her till her death. The estate means all that vests under Section 211 of the Indian Succession Act. He relies on a decision of Patna High Court reported in AIR 1924 Pat 721 and [1981]127ITR855(Ker) . The estate also includes of right of action as decided in an English Case reported in 1955 (2) All ER 147. Actually these group of companies has now become a single corporate entity ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... letely unaware of the vast and invaluable treasure trove viz. jewellery, gold ornaments and immensely valuable, ancient and medieval gold coins. These assets were not mentioned in the affidavit of assets. Therefore, the estate is at risk since the executor has failed to discharge his duties imposed on him by not disclosing and further not collecting all assets. Necessities are also apparent from the fact and in this case there is conflict of interest by reason of the fact that the executor himself is the beneficiary under 1999 Will. According to him, the settled position of law is that the executor acts in a fiduciary capacity. He should not put himself in a position where his personal interest is likely to be in conflict with the idea of protection of the estate (the English decision reported in (1896) AC 44 is referred to). It is also observed by this Court in the judgment and order in this matter at the ad interim stage that it is wholly unsafe to rely on the mind of the executor who is also beneficiary. He contends further that human nature and mind is ordinarily swayed by his own interest rather than duty. As such, in order to avoid the conflict of interest, appointment of APL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e. PLC Securities Limited, 100% subsidiary of Lodha Capital Agreement Limited. It is strange that within 15 days from the date of her death Lodha got his name mutated in the respective companies as executor in place and stead of the deceased lady to gain control of the majority shareholding which, in its turn, control the entire M.P. Birla Group of companies. His whole scheme and design is to obtain control of the entire estate as early as possible without wasting single day and to treat the entire estate as his own. 23. As such, he says that immediately after death and during pendency of this proceeding his act and conduct is wholly untrustworthy and renders him misfit to act as an executor. 24. He submits, while forwarding his point of argument that there is serious challenge about the validity of 1999 Will which has been executed under suspicious circumstances. The Court cannot accept a document to be a genuine last Will prima facie unless the executor removes suspicious circumstances. In this connection he has referred to a good number of Supreme Court decisions viz. AIR1959SC443 [1977]1SCR925 and [1998]2SCR486 . The purported Will is also unnatural and this fact itself ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statrix has been admitted in the pleading viz. in the affidavit-in-opposition to the application for APL (para 5(c), para 28). He contends that in order to decide the question of undue influence the Court is to judge two things viz. (i) relation-ship between the person influenced and one influencing; and (ii) the ingredients which will make such influence undue. In this connection he has referred to an English decision reported in 2001 (4) All ER 449. The burden to establish undue influence does not lie on the person who asserts but on the person who is in a position to dominate the Will or influence the mind of another. Section 111 of the Evidence Act, he urges, is to be applied regarding the burden of proof. This proposition of law is supported by a Supreme Court decision reported in AIR2003SC4351 . The magnitude of the disposition is also a factor while considering the question of burden of proof. Therefore, it is not imperative to establish actual domination particularly when the person is charged with undue influence with a fiduciary position vis-a-vis the person influenced. He relies on, for this proposition of law, the following decisions viz. 2001 (4) All ER 449, 1896 AC 44 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies are, however, not listed in the Stock Exchange. 63.75% of shares of Birla Corporation Limited are held by M. P. Birla Group and about 10% of shares are held by Indian public and private corporate bodies and the rest are held by mostly financial institutions. 26. Therefore, he contends that there will be no impact on the share market or on the change of share position in the event appointment of APL is made. 27. Mr. A.K. Mitra and Mr. S.N. Mukherjee, Senior Advocates while opposing the application for appointment of APL and placing their two applications for dismissal of these two applications contend that both these applications have been made with oblique motive and are mala fide. These applications are liable to be dismissed on the ground that the applications have not been placed before the Court with clean hands. They are not interested in the welfare of the business of M. P. Birla Group. It is evident that they are trying to advance the cause of their respective businesses and weaken and disintegrate M.P. Birla Group. Birlas by exercise of their majority shareholding in two companies of M. P. Birla namely the Rameswara Jute Mills Ltd. and Jute Investment Company L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ol of the estate and the income arising therefrom. In support of their submission they have also referred to following decisions. 13 AIR1952Cal418 . 30. In order to displace the Executor strong case has to be made out that he is guilty of gross misconduct and committing mismanagement and waste and there is actually danger of the estate being wasted. They referred to the decisions of this Court (13 Cri LJ 47 AIR 1933 Bom 342) in this connection. 31. The Estate of the Testator cannot be said to be in medio. It is an admitted position that Lodha has taken complete control of the estate. This admission will appear from paragraph 15 of the application being G.A. 4375 of 2004 and in the Affidavit in Reply of Kashi Nath Tapuria paragraphs 8(a) and 11 under the law it cannot be said that the estate is in medio as the same has stood vested in the executor, (Lodha) on her demise. They have drawn reference in this connection to Section 211 of Indian Succession Act AIR2004SC2060 . All the valuable articles which are liable to be easily removable namely ornaments, gold coins etc. have all been found intact and have been kept in bank vault sealed by the Joint Special Officers. There is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecial Officer. Control of the estate over M. P. Birla Group of Companies is to be preserved as power of M. P. Birla Group of Companies must not be allowed to be disintegrated or valuation in its hands of business of rivals of predators. The controlling power over M. P. Birla Group of Companies held by the testatrix during her life time being the main asset of the estate will be lost if M. P. Birla Group of Companies are allowed to be disintegrated or any disinterested stranger is allowed to take charge. This apprehension is also felt by the Court at the ad interim stage. It is recorded in the judgment as quoted above. Adequate protection has already been given by the Court as the ad-interim stage by directing Lodha to maintain status quo in regard to transfer of shares received or already received or which might be coming into his hands. Status quo order has been extended to immovable property. The nature of the estate though vast but not complex and the source of income are matters of record and transparent. All income coming from the creditor is directly brought to the Bank Account and received in the form of account payee cheques. There is no allegation that the income of the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said documents are described to be mutual ones. (d) These two testamentary instruments are also sought to be perfected by applying for grant of probate of these two documents. (e) Several persons have been executors in these two testamentary documents of 1982 and the beneficiaries thereof are not individual persons, rather by these two documents estate and properties of both the persons have been vested in the charitable trust. (f) The applications for grant of probate of these two documents are also contested by Lodha. (g) A civil suit has been filed by the executors of the documents of 1982 against Lodha for alleged breach of agreement made by PDB in terms of the mutual Will. By this suit the plaintiffs herein who are also parties to this probate proceedings have essentially challenged disposing capacity of PDB by her testamentary document of 1999, consequently right, title and claim of Lodha. This suit is also contested by Lodha seriously. (h) A criminal prosecution has been initiated amongst others against Lodha in the learned Court of Chief Judicial Magistrate Alipore 24 Paraganas (South) by making a complaint by one Rajendra Prosad Pansari alleging criminal br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... articles, and other properties, which include ornaments, jewellery, gold coins and artifacts. These were found from the houses and residences used by PDB in four different cities viz. Allahabad, Calcutta, Delhi and Mumbai. These could neither be found nor be described in the affidavit-of-assets of Lodha. 35. According to Lodha, in the affidavit-of-assets, the value of the estate left behind by PDB and her husband combinedly would be around ₹ 4 crores whereas Birla Group have stated, in their affidavit-of-assets, in the region of not less than ₹ 2000 crores. Therefore, no reasonable prudent man can dispute that the amount of estate is huge and vast. The most important estate of the deceased consists of her controlling block of shareholding in respect of the investment companies and through it the manufacturing companies which are the source of the real wealth of M. P. Birla Group are controlled and can be controlled by virtue of majority shareholding in the key investment companies. It is neither known to the Court nor it has been disclosed by any of the persons in clear expression what is the dividend and mode of utilization of this dividend arising out of this cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y document the control of the entire estate has been taken by Lodha. According to Mr. Mitra and Mr. S. N. Mukherjee, and so also the provision of the law the estate and properties vest unto him as named executor under the provision of Section 211 of the said Act. The provision of the said section is quoted here-under: Character and property of executor or administrator as such.- (1) The executor or administrator, as the case may be, of a deceased person is his legal representative for all purposes, and all the property of the deceased person vests in him as such. (2)... 39. In spite of the provision of vesting as under Section 211 of the said At the effect of vesting is that possession, control and management of the estate vested with the Executor. However, in my view, such right is not an absolute one and the same is subject to the provision of Sections 213 and 214 of the Act. In spite of the above right of the executor on death of the testator/testatrix the provision of appointment of APL under Section 247 has been provided for. Therefore, it is clear executor cannot have by virtue of Section 211 absolute right to manage and control of the estate left by the testator/tes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or for that matter theory of necessity for appointment did not impress the learned Judge, to be a factor. 40. However Courts of our country it seems to me did not blindly follow the principles laid down in case of Bellew v. Bellew or of Horrell v. Witts. In the case of Brindaban Chandra Saha v. Sureswar Shaha Paramanick and Ors. 10 CLJ 263 Division Bench of this Court taking note of the English case Bellew v. Bellew, ruled that the Court of Probate would grant APL in all cases where necessity for the grant is made out; and this is so because while the suit is pending there is not one legally entitled to receive or to hold the assets or to give discharges. In the case of Jogendra Lal Chowdhury v. Atindra Lal Chowdhury 13 CLJ 34 the Division Bench of this Court was again of the view while dealing with the corresponding provision of present Section 247 (Section 34 of the Indian Probate and Administration Act, 1881) that not only there must be a contest in the probate proceedings there must be necessity for such appointment. 41. In the case of Bhuban Mohini Debi v. Kiran Bala Debi 13 Cri LJ 47 the Division Bench of this Court noted the practice followed in the Probate Division o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cutor is questioned and his title is under dispute because the will itself is challenged on various grounds this constitutes circumstances where grant of APL is called for. 44. It is further held also at page 346 of this judgment when executors propounding a Will take a large and appreciable benefit thereunder, the Court treats the Will with suspicion of more or less weight according to the facts of each case, and the onus lies on such an executor to prove to the satisfaction of the Court that the testator understood what he did and that it was his Will, and no probate can issue unless the conscience of the Court is satisfied that the person propounding the Will has led sufficient evidence which on a close and careful examination entirely removes that suspicion. 45. In the case referred above having regard to the nature of the challenge made and the enormity and vastness of the estate the Court appointed APL. 46. In the case of Sudhirendra Nath Mitter v. Arunendra Nath Mitter and Ors. AIR1952Cal418 while discussing all the case decided in past on the question of appointment of administrator pendente lite, the learned single Judge of this Court held that in all cases wher ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at of the Chancery Division in case of appointment of Receiver viz. mere existence of bona fide dispute in the probate proceedings by the caveator or caveatrix is good enough and question of necessity is of no significance. But later on there is little departure from this principle, which was not, of course, ultimately followed. It took view later on that element of necessity is also required. 52. But the Courts in our country consistently are of the view and I also adopt, that when there is proceedings either in the nature of suit or otherwise for obtaining probate or letters of administration and therein if the Will is seriously challenged and also the appointment of the executors it shall be presumed that there is serious bona fide dispute. If such bona fide dispute or challenge and enormity and vastness of estate are found Court may consider the question of appointment of APL displacing the named executor. Ordinarily the named executor is not displaced before and after granting probate of the Will. 53. I have already observed that there is neither any ground nor guideline mentioned in the Section 247 of the Indian Succession Act, 1925 for such appointment. After grant of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appropriate Court. Proceedings were initiated for search and seizure in connection with these proceedings. It is difficult for the Court to allow a person who is the accused to control and manage huge and vast estate of the deceased when he is facing charge of criminal breach trust, not qua executor. He has to defend this case personally. Appropriate Court, prima facie, found that there are allegations amongst other against the Lodha for trial of criminal prosecution. I am not oblivious of thought that mere initiation of proceedings does not render a particular person to be untrustworthy or incompetent to hold an office, but it is question of image of key person at whose hands large number of companies are rested for de facto control and management. Sitting in Probate Court I do not think a tainted person should be allowed to manage or handle the estate. It is one of the instances of necessity. 57. It appears from the affidavit in support of caveat of the undisputed defendants that Will of 1999 and the codicil are seriously challenged on the ground of amongst other undue influence and the same were executed in the suspicious circumstances and further lack of testamentary capa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s case that strong probability of the aforesaid proposition of law being applied, exists. 60. Therefore, going by the facts pleaded and material placed before me and also the law on the subject I cannot say that defence in this case is sham or do not likely to succeed. It is plain from the contest that not only the Will but also appointment of executor is also challenged. 61. I have taken note of the legal proposition and accept as such that if the appointment of the executor is not questioned either as a person or otherwise the Court does not normally displace the executor because he is the nominee and appointee of the deceased as he enjoyed at the time of appointment, the trust and confidence of the deceased; nor the Court ordinarily appoints its own nominee replacing the nominee of the testator altogether. The Court lacks authority to do so, because the Court sits in the armchair of the testator as if the Court is the testator. If so occasion arises the Court appoints the same person as Administrator. But when the appointment of the nominee is challenged with serious allegations with document as regard his competence certainly the Court can legitimately doubt his appointme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... executor rather some other persons are executors. Therefore, on the strength of the husband's Will the named executors are obviously entitled to control and manage the estate left behind by husband under provision of Section 211 of the said Act as has been claimed by Lodha. This legal aspect of the matter cannot be brushed aside, but the executors appointed by the Will of M.P. Birla according to me could neither take control nor they can discover anything else what is the exact extent of estate M.P. Birla in respect of the Wills described to be the mutual Wills of 1982. 64. Under such circumstances ordinarily Executors of M.P. Birla should have been put in possession of his estate but it cannot be done now, firstly as I say, the properties are mixed up with the assets and properties of the lady. I do not know whether Will of 1982 of M.P. Birla is genuine or not as in terms of this Will the lady during her life time was sole beneficiary and thereafter his entire estate is supposed to go to charity. It is an admitted position that the lady did not take any step nor the executors of the said Will did during life time of the lady to obtain probate of the Will or Letters of admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate proceeding comes to logical conclusion, is legally arranged under Section 247 of the Act. 66. The act and conduct of Lodha after death of the lady is also not appreciated by this Court. It appears from the records within the period of fortnight after the death of the said Lady, Lodha without filing any application for obtaining probate hurriedly and hastily got his name mutated and/or registered in the Company Share Register in place and stead of the said lady, qua-ex-ecutor on the strength of the unprobated Will and codicil. He even did not wait for completion of 'Sradh' ceremony and why he took such a step so quickly is not understandable. He claims to be a close confidant of the said lady during her life time for a long period so also his son. He was very prompt to take control of the key companies of the M.P. Birla Group whereby and whereunder he can manage all the companies through the majority interlocking shareholding of all the M.P. Birla Group companies. It is not understood by the Court why he was so anxious to take control of all the companies leaving aside other assets and properties. He was unmindful initially to disclose her share in immovable propertie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 2000 crores. Which version is correct cannot be decided by this Court at this juncture unless detail search and discovery exercise is undertaken by an impartial person, as I feel this exercise is one of the parts of the administration. I cannot agree with Mr. Mitra and Mr. S. N. Mukherjee that the nature of the estate is uncomplicated. As rightly contended by M/s. S.B. Mookherjee, Pal and Sarkar that majority shareholding in the key companies of M.P. Birla Group of Companies is very valuable intangible assets because with the strength of the same feature and fate of the large number of Companies including manufacturing companies can be played out or prospered. Careful circumspection decision while exercising right of majority shareholding and utilization of dividend therefrom are themselves according to me, involves complication. I am unable to uphold the submission of the Lodha's learned Counsels that no case of necessity for any further order or for appointment of APL has been made out. In view of my aforesaid analysis of fact and law no further or better case of necessity is required to be made out. I do not think that as rightly contended by the learned Counsels for pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... do so. According to me, the aforesaid facts and circumstances are sufficient for such appointment. 75. Hence I appoint Joint Administrator, pendente lite, consisting of following persons (i) Mr. Hiranmoy Dutta, Bar-at-law of Bar Library Club; (ii) Promotha Nath Chatterjee, Learned Advocate of Bar Association, Room No. 1; (iii) Mr. Prabir Kumar Roy, ex-Sheriff of this Court of 10 S. N. Roy Road, Behala, Kolkata 700 019; (iv) Mr. Sujit Bhattacharjee of 52-C, Ballygunga Circular Road, Kolkatta-700019, who shall take charge and control of all the shareholding of the deceased lady in all the companies and they should function as could be functioned under law by virtue of the controlling shareholding of all the Companies left behind by the said lady. They shall take step for rectification of all the share registers of the Companies recording their names. They shall immediately make an enquiry as to the dealings of Lodha vis-a-vis dividends and investment of the dividends and submit a report to the Court and they shall place themselves in the Board of Directors wherever it is possible by virtue of the shareholding. They shall, in consultation with each other, decide to dissolve the Boa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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