Financial Daily from THE HINDU group of publications
Friday, Aug 06, 2004
Financial Daily from THE HINDU group of publications Friday, Aug 06, 2004 |
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Corporate
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Announcements Uncertainty over Lodha as auditor — Indo Gulf cancels AGM Our Bureau
Mumbai , Aug. 5 INDO Gulf Fertilisers Ltd has cancelled its annual general meeting scheduled for August 10 because the meeting was to consider reappointment of Mr R.S. Lodha's accounting firm Lodha and Co as its statutory auditor. Indo Gulf informed the National Stock Exchange that since the company's board of directors has to take a definite view on whether chartered accountants Lodha and Co can continue as statutory auditor of the company in the light of the will of Ms Priyamvada Birla, the AGM to be convened on August 10 has been cancelled. Members will be intimated of a fresh date that will be well before September 30, it said. Aditya Birla group's metal company, Hindalco, has already removed Lodha and Co as its branch auditor. Grasim, which recently reappointed the firm as its statutory auditor, is said to be considering calling an extraordinary general meeting to seek removal of the firm as its external auditor. The Birlas reportedly decided to remove Mr R.S. Lodha and his firm as auditors from the group's companies after the late Priyamvada Birla bequeathed her entire estate to him, leaving out all family members and other relatives. The board of directors has power to only remove branch auditors. Statutory auditors of a company are appointed by shareholders at every AGM and hold the status for a year. The generally accepted practice is to ask auditors to step down voluntarily. If a statutory auditor is forcibly removed, it can move the Committee of Unjust Removal of Auditors of the Institute of Chartered Accountants of India.
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