Eveready in 2017 had announced a 50:50 JV with its group company McLeod Russel to manage the packet tea through a SPV--Greendale India Ltd. But, both the group companies are facing concerns in managing group level debt raised by pledge of companies shares. It also claimed that its core expertise lies in production of value added black tea, green tea, red tea and white tea in the widest range of tea bags, caddies, pouches & packets. "Price Waterhouse & Co has expressed its inability to continue as the auditors of the company," said Eveready in a notice to the bourses. "However, neither the deed has been executed nor the refund claimed," Price Waterhouse & Co said in its auditors note.

Source: Mint June 30, 2019 15:33 UTC