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Emas Offshore CEO resigns; dispute with Perisai drags on
EMAS Offshore's chief executive officer Adarash Kumar has tendered his resignation, and his last day of service will be on April 6.
Captain Kumar, who is also an executive director of Emas, will continue in his duties pending the appointment of a suitable candidate in due course, Emas said on Thursday night.
Separately, Emas also updated that Perisai Production, a unit of Malaysia-listed Perisai Petroleum Teknologi, is demanding that Emas sell Perisai Production its 49 per cent stake in joint venture company Emas Victoria for US$1.
Perisai Production owns the remaining 51 per cent of Emas Victoria.
Emas also owns an 11.5 per cent stake in Perisai Petroleum, although the two companies are tied in a dispute.
On Jan 15, Perisai Production alleged that a termination event had taken place in relation to the shareholders' agreement between Perisai Production and Emas Offshore, which requires Emas Offshore to give up its shares in the joint venture.
Perisai is arguing that Emas Offshore's ongoing efforts to restructure its debts, coupled with its application under the Companies Act, "show that Emas had resolved to enter into a scheme of arrangement or compromise for the benefit of its creditors", triggering a default.
Emas Offshore said that it is seeking legal advice on the matter.