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The billionaire Kwek, 84, said in a statement that he had sought to dismiss his son, Sherman Kwek, from the CEO position earlier in February due to what he alleged were “serious lapses of corporate governance.” Leng Beng said Sherman had consolidated control of the company’s board, which prevented the firing.
Face-off between TAFE and AGCO encapsulates a set of interrelated problems. Agency capitalism in the US has inadequate oversight. More so, when the largest shareholder is an Indian company demanding accountability and agents can weaponise long-standing commercial ties
The Zee-Invesco episode seems destined to be decided in the courts as a conflict of interest between the promoters and a large shareholder plays out
Large shareholders seeking greater accountability from promoters and the management of their investee companies and not loath to eject them from their positions in case they don’t see commensurate returns on their investments
State Bank of India, which has a large exposure to Tata Group, today discounted the fear of the boardroom battle between promoters and ousted chairman Cyrus Mistry affecting performance of the companies.
Concerned over the Tata-Mistry feud impacting stock valuations, foreign investors are approaching Sebi as well as the independent directors and management of Tata Group companies to ensure that interests of minority shareholders in the listed entities are protected.
