Previous | Next

The Birla family may like to term July 12 as Black Monday -- the day they learned that Priyamvada Birla, the widow of Madhav Prasad Birla had left MP Birla Group's entire Rs 5,000 cr (Rs 50-billion) worth of assets to chartered accountant R S Lodha.

The shocked Birla family swung into action and challenged the validity of the will. The first salvo was fired on July 14 when Lodha, co-chairman of the MP Birla group and its trusts, filled caveats in Kolkata courts.

The Birla camp also filed a similar legal application to prevent Lodha from moving any legal process without notice to them and asked him to furnish a certified copy of the will made by Priyamvada Birla.

On July 15 the Birla families made it clear that they do not want 'a rupee' of the assets of the late Priyamvada Birla but they were united to secure the estate for charity. The plot further thickened on July 16 when it was revealed that Lodha may have hundreds of letters from Priyamvada Birla, directing him to protect the assets as well as the identity of the MP Birla group. The letters are believed to have been written over the last five years, ever since she wrote her will in 1999.

The three-and-half page will of Priyamvada Birla, which was not placed for probate, had outlined in different paragraphs her vision of the M P Birla group, her opinion on the way the group was operating and laid down a roadmap for the future restructuring of the group's businesses and the intention to devote more funds to charity.

Photo: Deshakalyan Chowdhury/AFP/Getty Images | Previous | Next