Asian Paints shares slip as proxy advisory firm flags related party issues, calls for resignation of …

asian paints shares slip as proxy advisory firm flags related party issues calls for resignation of promoters

Sumary of Asian Paints shares slip as proxy advisory firm flags related party issues, calls for resignation of promoters:

  • Shares of Asian Paints remained under pressure after news reports said proxy advisory firm InGovern pointed out several related party transactions between promoters.
  • A report by the Business Standard said that Ingovern observed several related party transactions between Asian Paints and Paladin Paints &
  • Ingovern has reportedly highlighted the likely conflict of interest involving entities controlled by the Danis, which also supply raw material to the paint manufacturer.
  • According to a report by The Hindu Business Line, Ingovern has also sought the removal of promoters Ashwin Dani and his son Malav Dani from the board.
  • The markets regulator SEBI is already investigating transactions involving Paladin Paints and Chemicals, the report said.
  • “On October 24, APL put out an innocuous clarification to a news report.
  • APL’s FY15-16 annual report lists PPCL as a related party from April 22, 2015. But APL, unlike most other companies, ‘does not list out’ the value of RPTs.
  • “Promoter directors who ‘control’ entities supplying goods to APL should immediately resign,” Ingovern reportedly said in a note.

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