Lodha faces Birla Corp directors today

Nominee directors of financial institutions at the MP Birla group's Birla Corporation could perhaps end up deciding RS Lodha's elevation to the chairman's post after Priyamvada Birla's death, at the company's board meeting scheduled tomorrow.

The board has seven directors, including RS Lodha. Two directors on the board are backing the Birlas "" Nandini Nopany, daughter of KK Birla, and NK Kejriwal. From Lodha's side, there is Harsh V Lodha.

Nopany is one of the Birla scions challenging the claim of Lodha's inheritance of the MP Birla group assets. Harsh Lodha is the younger son of RS Lodha.

Kejriwal, a prominent personality in jute and tea circles, is on the board of several companies as a close aide of the Birlas.

The other two directors are one each from ICICI Bank and the Unit Trust of India. Arnab Basu is ICICI Bank's representative. KC Mittal, the managing director, is the only executive member on the board.

With two clear votes in favour of the Birlas, and one in favour of Lodha, all eyes are on the nominee directors of ICICI Bank and UTI Bank.

Deputy Managing Director, ICICI Bank, Kalpana Morparia said, "Our exposure to the company is to the extent of a term-loan and we will not comment on the issue as of now."

Basu is at present stationed in Hong Kong but the bank could depute someone in his stead.

UTI Chairman and Managing Director M Damodaran offered no comment on the issue.

This is the first meeting of the Birla Corporation board after Priyamvada Birla passed away. It is expected to be chaired by RS Lodha.