Move to disrupt MP Birla group: Lodha

The Lodha camp said the opponents of the Will of Late Priyamvada Birla have been trying over the years to disrupt the management of all the operating firms of the MP Birla Group. “Such attempts typically peak at the time of holding AGMS, taking a new shape almost every year. Lately, an independent director has informed that he was asked to disclose confidential information regarding operations, which, of course, he refused. Attempts are also being made to get their people appointed on the boards of firms, which can lead to serious conflict of interest and undermine governance standards. The boards of all the operating firms have opposed the move and are confident that shareholders will overwhelmingly vote to protect the interest of the professionally managed firms," said Debanjan Mandal, partner, Fox & Mandal.