Sterling and Wilson Solar continues to take minority shareholders for a ride: InGovern

Proxy advisory firm InGovern Research on September 23 expressed concerns over the decision of Sterling and Wilson Solar’s (SWSL) board to alter the term of loan given to its promoters. In a report, the research firm has said that the company continues to take minority public shareholders for a ride.

“Additionally, though the Board of Directors changed the terms of the loan, the Company did not seek shareholders’ approval, under Section 188, for the related party transaction when the terms of the loan were changed,” InGovern has stated.

“The company also has Rs 604 crores as debt, including secured and unsecured loans, on its books as of March 31, 2020. This could well have been offset by the loans availed by the promoter holding company and the group companies,” it added