KUALA LUMPUR: An independent director of Malaysian Genomics Resource Centre Bhd (MGRC) plans to apply for leave to start derivative proceedings against individual directors and management of the company, for alleged breaches of fiduciary duties in relation to transactions involving the company and its subsidiaries, with external parties.
The independent director was not named in the filing MGRC made to Bursa Malaysia Securities Bhd.
"The parties are seeking legal advice on the matter and the status shall be updated from time to time," the company said in its filing.
The company' share price closed 0.99 per cent lower at 50 sen a share today.