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Hurdles in requisitioning EGMs point to need for changes to law, say experts

Raphael Lim

Raphael Lim

Published Wed, May 10, 2023 · 05:50 AM
    • Since April 2021, at least 13 SGX-listed companies have gone up against requisitionists seeking an EGM to remove directors, with varying degrees of success.
    • Since April 2021, at least 13 SGX-listed companies have gone up against requisitionists seeking an EGM to remove directors, with varying degrees of success. PHOTO: PIXABAY

    RECENT developments suggest legislative changes are needed to smooth the path for shareholders requisitioning an extraordinary general meeting (EGM), market watchers told The Business Times.

    Their comments come in the wake of a legal dispute between USP Group and its shareholders who had sought an EGM to remove directors of the company.

    The High Court ruled last month that USP Group’s requisitioning shareholders did not have standing to requisition such a meeting, pursuant to section 176 of the Companies Act (CA).

    SGXDisputesAGM/EGMBoard of DirectorsACRASpotlight

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