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Lodha voted out as branch auditor of Hindalco

MUMBAI, JULY 31. As a fall-out of tussle over the M. P. Birla group assets, the shareholders of Hindalco today voted out R. S. Lodha and Co. as branch auditors of the A. V. Birla group company. The resolution to re-appoint Lodha was defeated by a voice vote at the company's annual general meeting and statutory auditors would take charge in place of Lodha.

After majority of shareholders, who spoke at the AGM, opposed the resolution for reappointment of Lodha as auditors, the Chairman, Kumar Managalam Birla, handed over the chair to Director, E. B. Desai, citing that the matter was delicate and concerned the Birla family. Mr. Desai said the company had received intimations from major group shareholders that they were unfavourable with the reappointment of Lodha.

The shareholders did not want a ballot and the motion was put to voice vote which was defeated unanimously. — PTI

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