Date: April 30, 2012
The recent developments in China Sky have caused serious concern to minority shareholders. It is the duty of the Board to fill vacancy on the Board, appoint Financial Controller and replace the auditor who has resigned.
The Board has to be transparent and must explain to shareholders what steps they are taking to fulfill their responsibilities in appointing Independent Directors and filling the vacancies. If no explanation is forthcoming, then the disconcerted minority shareholders can petition the Board for an Extraordinary General Meeting (EGM) should the company fail to accede to their requests for an EGM, then the shareholders can apply to court for such remedies that are available to them under the law and SIAS would assist the minority shareholders with appointing lawyers with the legal application, if they so desire. We hope that the Board will not allow such development to happen and will act in the interest of the shareholders and the Company.
SIAS calls on the minority shareholders of China Sky to register their interests with SIAS to know their rights as shareholders through email at admin@sias.org.sg with their contact details.
David Gerald
President & CEO
SIAS
