The High Court here on Wednday appointed a three-member panel as an “independent” administrator for the estate of the late Priyamvada Birla.
The panel members are senior advocate Prodosh Kumar Mullick, chartered accountant and faculty member of the Indian Institute of Management, Ashish Kumar Bhattacharyya, and former chairman and managing director of Bank of Maharashtra, Sukumal Chandra Basu.
The Priyamvada Birla estate includes shareholding (more than 50 per cent) in investment companies like East India Investments and Gwalior Webbing, which directly and indirectly have stakes in the M P Birla group companies like Birla Corporation, Vindhya Telelinks, Universal Cables and Birla Ericsson Optical.
“The operative portions of the judgement were that the independent administrators would prepare an inventory of the estate and take possession of the same and submitting a report to the court within four weeks from the date of assumption of charge,” said officials from the Birla side.
Independent administrators would also take custody of original share scripts of the companies and other valuable documents viz bonds and fixed deposits’ receipts. They will operate the bank accounts, collect dividends and meet outgoings both statutory and non-statutory.
