Khushroo N Dhunjibhoy was elected chairman at the 102nd Annual General Meeting (AGM) of the Royal Western India Turf (RWITC) Ltd held at the Mahalaxmi racecourse yesterday evening
Khushroo N Dhunjibhoy was elected chairman at the 102nd Annual General Meeting (AGM) of the Royal Western India Turf (RWITC) Ltd held at the Mahalaxmi racecourse yesterday evening.
This is Dhunjibhoy's eighth innings at the helm of the race club, but it comes at a time when the once-rich Mumbai club is staring at a probable bankruptcy situation with cash reserves down to only Rs 40 crore. Compare that with a cash reserve of top Mumbai clubs, many in the vicinity of Rs 500 crore and more, and this shows how dire the situation is for the apex racing club.
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Dhunjibhoy acknowledged it is a crisis situation, but said he still believes things can be turned around. "The crisis is not limited only to the club," he explained. "The sport of racing is facing its worst crisis. The solution lies in saving both, the sport and the club. One can't survive without the other," he added.
Overshadowing the result though was Vivek Jain's shock resignation from the committee itself. Jain, who polled fifth in the voting results (see box) had already resigned himself to the fact that he will not be chairman this time. What surprised many though, was Jain's decision to walk out of the committee altogether.
Jain said in a statement: "I resigned from the committee as I did not get the mandate of the members. It is better to get out of a place that make enemies of friends." Zeenia Lawyer, former owner of London Pilsner, the only lady among the contestants, was elected.
Voted into the committee for '17-18
Won
Shyam Ruia (768)
K N Dhunjibhoy (766)
Jaydev Mody (751)
Ghulam Vahanvaty (746)
Vivek Jain (733)
Geoffrey Nagpal (725)
Dr Ram Shroff (723)
Zeenia Lawyer (665)
Milan Luthria (655)
Lost
£Champaklal Zaveri (636)
£Ashwin Mehta (486)
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