Dhunseri Tea ousts Lodha as auditor

The resolution to remove Lodha & Co as auditors from Dhunseri Tea and Industries was passed with requisite majority at the company's annual general meeting held on Tuesday.

Only two shareholders opposed to resolution, which proposed removal of Lodha & Co as the auditor. Dhunseri Tea had received a notice from a shareholder, Mint Investment, expressing its opposition to reappointment of Lodha & Co. Technically, any entity with a 5 per cent stake in the company could moot such a resolution.

C K Dhanuka, chairman, said the company did not want to appoint an auditor which was in the middle of a controversy, especially at a time when group companies such as South Asian Petrochemicals were looking at global expansion.

A similar resolution would also be placed at the South Asian Petrochemicals annual general meeting to be held on September 16.

The chairman of South Asian Petrochemicals was Pradip Kumar Khaitan, who was a senior partner of Khaitan & Co, solicitors for the Birla family. Moreover, Dhanuka had family ties with Khaitan as well.