Dunlop 8212; FI move defeated

Dunlop analysts said that the result was on expected lines since the single largest shareholding block belonged to M R Chhabria at 43.83 per cent. The rest 22.85 per cent, was shared between the public, nationalised banks and corporate bodies.

At the AGM, the financial institutions objected to the resolution as their representatives observed that the annual accounts of the company had been heavily qualified by auditors Lodha amp; Co.

Particularly, the auditors noted that they were not in a position to give true and fair view of company8217;s state of affairs due to non-availability of information.

The FI representatives demanded that the resolution be deferred till such time proper information was made available by the company management. However, the re-appointment of Dubai-based chairman, M R chhabria, had been cleared at the AGM by the institutions.

Both the units of company at Sahagunj in West Bengal and Ambattur in Tamil Nadu had been closed since February 1998 rendering nearly 7000 workers jobless. In the same year, the company had been admitted in the BIFR due to erosion of networth.