While searching for a transcript of the hearing, I came across a Singapore court order 19 December 2017.
This appeal was filed by Amitava Mukherjee, Kiri’s director on DyeStar board, when he wasn’t given access to certain documents and information. The case was ruled against the said Kiri. Here’s the judgment summary:
“I have dismissed the plaintiff’s application. In my view, the plaintiff’s
primary or dominant purpose in bringing this application is an ulterior
purpose,4 which is to advance the interests of a minority shareholder of the
company in a minority oppression suit against the company and its majority
shareholder. Given that that finding goes to the root of the plaintiff’s
application, reframing or narrowing the categories of documents which the
plaintiff has specified in his application cannot salvage it. For the same reason,
the plaintiff’s offer of an undertaking to the court to maintain the
confidentiality of any documents which he inspects pursuant to a court order
granted on this application cannot salvage the application.”
In light of this, do you think Kiri has a chance to win minority oppression case against DyeStar/ Longsheng? And if they lose the case, what worth is their 38% stake?