Shapoorji, Daruvala may take action v/s InGovern

Shapoorji Pallonji and Khurshed Daruvala, the promoters of Sterling and Wilson Solar have said that they are evaluating legal options "on the malicious report" filed by InGovern, a corporate governance advisory firm which had alleged several wrongdoings.

“We would like to reiterate that this entire report is malicious, misleading, defamatory and without any attempt to ascertain the facts of the matter from us. The sensationalism in this report is more an attempt to further erode investor wealth rather than its stated objective of working in the interests of the investors," the promoters said in a statement.

"As promoters, we are evaluating our legal options on the malicious report filed by

InGovern," they added. The promoters continue to stand by the commitments made to facilitate full repayment of the balance intercompany loans as has been discussed in depth along with the Audit Committee and the Board of Directors of the Company, in their respective meetings within the time frame that has been communicated, the statement said. Blamming the InGovern report on the company, the promoters have said that the report contains factually incorrect, misleading and unverified statements. "The author of the report has acted irresponsibly as he has neither found it appropriate to ascertain the facts nor provide us with a draft of the report for our response. This appears an attempt to malign the reputation of the promoters using the media," they added.