Governance activist Vignarajah critical of delisting process
View(s):Stockmarket governance activist K.C. Vignarajah has raised many issues relating to the delisting process in the market.He says areas that need to be investigated are breach of trust, Related Party Transactions (RPT) and Conflict of Interest (COI). In a statement to the media, Mr. Vignarajah – who has been crusading for rights and honesty in the marketplace – says there is unjust enrichment of CI&RP while impoverishing the Independent Minority Shareholders (IMS) and the investing public.
This is defeating the purpose of public policy, perverting the course of justice and leading to manipulations, pump and dump through various related parties and network, etc. “The paradigm shift from the deceiving Corrupt Crony, Capitalism (d3Cs) to the enlightened, Creative, Competitive Caring Capitalist entrepreneurs (e4Cs) has unfortunately not taken place satisfactorily as envisaged, yet. It is taking far too long and demoralized the true mass of decent investors (local and foreign small and large),” he said.
“I have taken up many issues with many companies, where I had given reasonably good time and queried the management, key management personnel (KMPs) and the Controlling Interest (CI) to respond accurately, to clarify the acts, which are unfair and/or inequitable to the IMS, the investing public and the country,” he said citing his battle with the Carsons group alleging there was a long history of oppression of IMS.
Carsons has strenuously denied these allegations in the past.