Lodha & Company today resigned as the statutory auditors of Grasim Industries. With this, the Aditya Birla group has eased out R S Lodha from all it companies. |
Grasim was the only company left in the Birla stable which still had Lodha & Company as its statutory auditors after other companies in the group - Hindalco and Indo Gulf "" had replaced the auditor. |
The Rs 27,000 crore group has consciously distanced itself from Lodha after the spat between the Birlas and the Lodhas over the controversial will of Priyamvada Birla, which purportedly bequeaths assets worth Rs 5,000 crore to R S Lodha, chairman of Lodha & Company. |
Grasim today informed the Bombay Stock Exchange (BSE) that Lodha had resigned as its statutory auditors and also as the branch auditors of Rajashree Cement and Birla White Cement divisions of the company. |
"Their resignations have been accepted by the company. G P Kapadia & Company, currently the joint statutory auditors of the company, shall act as sole statutory auditors of the company and shall also do the audit in respect of the company's Rajashree Cement and Birla White Cement divisions, in accordance with the provisions of law, until the conclusion of the next AGM of the company," Grasim said in the notice to the stock exchange. |
Hindalco, the Aditya Birla group flagship, had shown the door to Lodha & Company, as the company's shareholders voted against the resolution pertaining to their re-appointment. |
Indo Gulf Fertilisers, another Aditya Birla group firm, 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. |
Indo Gulf Fertilizers had replaced Lodha as its statutory auditors, by appointing S R Batliboi & Company, as the its auditors, at the company's annual general meeting this year. |