In an interim order, Justice DY Chandrachud has ruled that prima facie the shares belonged to three cousins, Ramesh Somani, Vinay Somani and Ranganath Somani, in equal 1/3rd proportion. The court has also frozen the voting rights of the 44,666 shares belonging to the Somani B group equalling to 41 per cent of the equity capital till the final disposal of the suit.

“It is definitely a step towards paying the dues of the mill workers,” Abhisheck Lodha-of the Lodha Builders who acquired the mill land for Rs 400 crore in 2004 and hold 35% shares-told Newsline. Lodha brothers are to pay Rs 105 crore to mill workers.

According to Lodha, over Rs 22 crore has been deposited with HC for workers, Rs 10 crore paid to the State Bank of India, Rs 1 crore to Punjab National Bank and about Rs 3 crore to various other creditors.

The mill workers have been waiting to get their dues for over 23 years after the mill shut down in 1984. Rangnath Somani had opposed the agreement with Lodha Builders that the workers should be paid Rs 105 crore. He had claimed that his consent was necessary for the said payment since he was controlling 51 per cent of the company by virtue of having ownership of 41 per cent shares.

Justice Chandrachud, after evaluating voluminous documentary evidence dating back to 1977, concluded that Ranganath Somani could not be permitted to deal with the shares as his personal entitlement and that the shares in fact belonged to all the three branches of the Somani B Group. When contacted, Ranganath refused to comment on the issue.