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SBI Offshore: Corporate governance over the edge?

Departure of three independent directors, allegations of breach of directors' duties and a lack of clarity from the board are cause for concern.

The day before the EGM, SBIO announced the appointment of four new directors. This could be considered as an action to frustrate the requisitioning shareholders and is questionable from a corporate governance standpoint.

LAST year, I wrote two commentaries on SBI Offshore (SBIO) regarding the boardroom tussle, the questionable transactions at its centre, and the role of the sponsor ("Stand taken by SBI Offshore sponsor highly disappointing", BT, Sept 14, 2016; "SBIO: corporate governance at the edge", BT, Sept...

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