Promoters of Sterling and Wilson Solar under pressure by proxy advisory firm

InGovern said in a research report released last week that the promoters’ inability to repay certain loans has led to a loss of more than 60% in investment value for investors in the IPO. Shriram Subramanian, founder and managing director of InGovern commented that the promoters, namely the Shapoorji Pallonji Group, are now suffering a huge loss of reputation.

“In order to redeem this reputation, the SP group should provide an exit option for public minority shareholders. This is a demand from minority shareholders and SEBI should force the promoters to provide an exit option for minority shareholders,” InGovern says in the research report.