Stamford Land Corp. Ltd., its board and a minority shareholder "have arrived at an amicable settlement" after a dispute facilitation by the Singapore bourse.
The shareholder, Mano Sabnani, has agreed to retract the "adverse comments" he made in July about the company's corporate governance and investor relations.
The company and five of its six board members had filed a defamation lawsuit against the shareholder seeking damages. Tan Boon Gin, chief executive of SGX RegCo., called on companies to refrain from taking "overly legalistic" approaches when dealing with shareholders. Shareholders had called on SGX to mediate or intervene in disputes between companies and minority shareholders at future board meetings so that matters would not be taken to court, according to a previous report.
Sabnani apologized to the board members for the distress caused.