Indo Gulf to appoint Batliboi as auditors

Indo Gulf Fertilizers, an Aditya Birla group company, has proposed the appointment of S R Batliboi & Company, as statutory auditors.

A resolution pertaining to the appointment of S R Batliboi will be placed before the shareholders at the company's annual general meeting on September 14.

The post of the auditors fell vacant with the company deciding not to reappoint Lodha & Company. The ouster of Lodha & Company is seen as the fallout of the controversial will of Priyamvada Birla, which bequethed assets worth Rs 5,000 crore to R S Lodha, chairman of Lodha & Company.

The company had earlier cancelled its AGM, scheduled to be held on August 10, on the plea that board was yet to finalise the appointment of an auditor.

Hindalco, the Aditya Birla group flagship has also shown the door to Lodha & Company, as the company's shareholders voted against the resolution pertaining to their re-appointment.

Meanwhile, Indian Rayon, another Aditya Birla firm, has Harsh V Lodha as its director. Harsh V Lodha is the younger son of R S Lodha and supposed to receive the entire property of R S, two years after, as per the will.

Grasim is the only A V Birla company where Lodha is still the auditor. It is widely believed that the company will convene an extraordinary general meeting to remove the auditor.

The B K Birla group has also made it public that it would not retain Lodha as its auditors.

Two companies - Mangalam Timber and Mangalam Cement - have Lodha as auditors. Lodha may also be removed from S K Birla companies.