Friday, September 16 2005 19:42 Hrs (IST) - World Time -

Kolkata: Chartered accountant Rajendra S Lodha, opposing the Birlas' application for appointment of administrator to the Rs 5000 crore worth estate of the M P Birla group, today (Sept 16, 2005) stated before the Calcutta High Court that he had not exerted any pressure on Priyamvada Birla to execute her 1999 'will' in his favor.

Claiming that the 'will' was not made under suspicious circumstances as alleged by the other Birlas, who are opposing his claim on the assets, Lodha submitted before Justice K J Sengupta that he should be allowed to run the estate, as there was no allegation of any mismanagement against him.

Lodha's counsel Anindya Mitra suggested to the court that instead of appointing an administrator, for preserving the estate, Lodha be restrained from dealing with the shares held by Priyamvada or from diluting the estate.

Mitra, however, sought a similar injunction on the Birlas from doing anything that would hamper the interest of the M P Birla group or dilute the assets in any manner.

Concluding his argument, Mitra stated that Lodha had not done anything since Priyamvada's demise last year that would show an attempt at diluting the estate.

Mitra further claimed that no act of mismanagement had been established by the Birlas against Lodha and stated that mere size of the estate and the fact that the will is contested do not call for appointment of administrator.

While the Birlas have claimed that the property was meant for charity as per 'mutual wills' made by M P Birla and his wife Priyamvada in 1982, Lodha has stated that Priyamvada had made the 1999 'will' in his favor so as to keep the M P Birla group flag flying high.