Dhanlaxmi Bank shareholders reject appointment of statutory auditors

Shareholders approved the ‘Profit &Loss Account’ for the twelvemonth ended and the re-appointment CK Gopinathan arsenic a director.

Shareholders of Dhanlaxmi Bank person rejected the assignment of statutory cardinal auditors successful the yearly wide gathering (AGM) held connected Wednesday, the slope said successful a regulatory filing. Incidentally, the Kerala High Court has refrained the slope from concluding the AGM and has adjourned it to a time aft 1 period from September 29th.
The shareholders besides rejected the solution of authorizing the committee of directors to name and hole the remuneration of subdivision auditors.

In a amusement of spot and defiance to the existent board, the shareholders passed 2 resolutions portion voting against the different two. Shareholders approved the ‘Profit &Loss Account’ for the twelvemonth ended and the re-appointment CK Gopinathan arsenic a director.

According to the regulatory filing, 65.44% of the shareholders contiguous successful the AGM voted against the connection to name P B Vijayaraghavan & Co, Chartered Accountants, arsenic statutory auditors and assignment of subdivision auditors.
The bid by the HC came pursuing a writ petition filed by KN Madhusoodanan, a shareholder of the company, P Mohanan and Prakash DL, seeking a absorption to the respondents — the RBI and Dhanlaxmi slope — to discharge their statutory responsibilities nether Section 160 of the Companies Act to pass the members astir the candidature of the petitioners for the bureau of the manager arsenic mandated nether Section 160(2) of the Companies Act.
Sherry Samuel Oommen, a firm lawyer, told FE that it would person augured good for the shareholders of Dhanlaxmi to adjourn the AGM successful its totality.

“The Ministry of Corporate Affairs successful a circular successful 1974 had permitted companies to adjourn the AGM wherever accounts were not acceptable for laying astatine the acrophobic AGM. Perhaps, successful the interests of the public, the substance concerning adoption of accounts and assignment of auditors could person been adjourned to the ensuing AGM. I americium rather definite that this substance would beryllium further litigated successful the adjacent month,”he added.