As declaration of dividend was consequent to the resolution of accounts, this resolution too went to vote.

A third vote was also forced on the company's management as one shareholder also opposed the re-election of C M Maniar as director citing what appeared to be technicalities.

Voting on all three heads was held later in the day. However, observers said considering the small numbers of the share-holders objecting to the adoption of results, the vote was bound to be in the favour of the managment. Dadiseth, chairman of both Ponds and HLL, said the poll results would be announced onSaturday in Mumbai.

However, though the specific objection which led to the delay were raised by a handful of shareholders, there were many at the meeting who expressed their unhappiness with the merger with Hindustan Lever Ltd (HLL) and the ratio of shares to be exchanged.

One shareholder pointed out that, despite chairman Dadiseth's promises last year, the merger would entail the disappearance of Pond's as a distinct entity. Many were also not too satisfied with the three HLL shares to be given for every four held in Pond's. A 1:1 ratio would be more equable they felt.

Earlier addressing the members, Dadiseth highlighted the strengths of HLL and justified the reasons for the merger. Pond's, he said was a small company and did not have the strength to effectively compete with global majors entering the country. However, Dadiseth said its brand equity would continue to be leveraged by HLL.

The company is to hold an extraordinary general meeting (EGM) on Monday specifically to clear the merger.