Mumbai, July 20: The seat on the board of Century Textiles & Industries Ltd, which fell vacant due to Priyamvada Birla’s demise, was not filled up today as the resolution on her re-appointment was termed “infructuous”.
S. K. Birla, the stand-in chairman for Basant Kumar Birla, requested shareholders to observe a “minute’s silence” before starting the annual general meeting.
“Mrs Birla joined the board three-and-half years ago. Due to her experience in Birla Corp and other companies, she has given valuable advice to the board during her term,” S. K. Birla added.
Shareholders shied away from directly referring to the controversies revolving around the purported will of Priyamvada. Later, S. K. Birla told reporters that the issue is “subjudice and before the court”.
Interestingly, the Birlas have not placed their cards yet. The coming days will decide whether a family member or a professional will fill the vacancy on the board. On the other hand, the issue can get complicated if the Lodhas make a claim to the seat.
Century Textiles officials told shareholders that the vacancy will be filled up, but not in today’s meeting. A senior official said the board will take a view on this shortly.
The meeting was held at the Birla Matushri hall adjacent to Bombay Hospital, which is controlled by an MP Birla trust.
At the meeting, S. K. Birla read out the re-drafted resolution to shareholders for approval due to the demise of Priyamvada. “She cannot be appointed as a director of the company and accordingly, the resultant vacancy on the board cannot be filled up in this meeting.” S. K. Birla and Arvind C. Dalal’s re-appointment as directors was passed unanimously.