The Business Times
business-time-50

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

google-preferred-sourceAdd BT as a preferred source
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

    TRENDING NOW

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    Some industry watchers wonder if Orchard Road can hold its own next to competing retail destinations, both global and local.

    What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    The exterior (left) and interior (right) views of Waterwall House, featuring glass interfaces, open voids, split levels and raw concrete walls.

    Rare brutalist Singapore house opens to the public before changing hands

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More