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Jokes aside, I believe they need an approval from the shareholders but not sure about it. Some one from the community may throw more light on it. But I don’t think even that will pose much challenge for the promoters. We have companies like Vedanta, 50 times bigger than SDBL doing all kind of stuff and still nobody says anything.
Corporate governance is a big issue in Indian companies and given the lack of legal oversight and strong institutions (SEBI is not a strong institution), such issues are very common. >90% of the companies in this space are like this. You may take them to court but everyone knows the speed and solution in such cases. Simple solution is to stay away from such names or if still invested, be aware of what you are getting into.
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