ICAI initiates action against RS Lodha..

ICAI, a regulatory body for chartered accountants, has initiated disciplinary proceedings against Rajendra S Lodha, after finding a prima facie case against him with regard to the dispute over the Rs 5,000 crore MP Birla estate, sources told TOI.

The matter of Lodha, who himself is a CA has been referred to the disciplinary committee of ICAI as it was contended that his conduct in the whole affair was unbecoming of a CA and there were irregularities, the sources said.

The action has been taken on the complaint of an individual member, the sources said, though refusing to divulge further details.

It may be mentioned here that Lodha, who was given rights over the MP Birla assets through his wife Priyamvada's 1999 will, had scored a victory over the Birlas on March 31 with the Supreme Court virtually shutting out K K Birla, Basant K Birla and Yashovardhan Birla from having a say in the will probate proceedings.

Probate is the process for transfer of legal title of the property from the deceased to his/her proper beneficiaries.

After Priyamvada's death on July 3, 2004, Lodha had moved the court on July 19, 2004, seeking grant of probate of her 1999 will, declaring him as the sole successor. This had kicked off a series of litigation between Lodha and the Birlas, with the latter moving the Calcutta High Court accusing Lodha of forging the will as well as seeking to have a say in the probate proceedings. The HC had dismissed their pleas, prompting them to come to the Supreme Court.