KUALA LUMPUR: Malaysian Genomics Resource Centre Bhd's (MGRC) independent non-executive director Aswath Ramakrishnan has initiated legal action against individual directors and management of the company for alleged breaches of fiduciary duties in transactions between the company and its subsidiaries with external parties.
On October 26, Aswath gave notice to MGRC of his plans to apply for leave to start derivative proceedings against individual directors and management of the company, for alleged breaches of fiduciary duties.
In a filing with Bursa Malaysia Securities Bhd today, MGRC said it received an originating summons (OS) filed against the company at the High Court of Malaya, Shah Alam via Aswath's solicitors, Messrs. Ahmad Deniel Ruben & Co, on October 30, 2023.
MGRC said apart from the potential costs which may be awarded against MGRC and the corresponding legal costs, other costs in relation there to have yet to be determined.
"The company will be obtaining the necessary legal advice from solicitors with regards to the above OS filed by the applicant," MGRC said.
Aswath, 37, was appointed to the board of MGRC on May 10, 2023.
He is an experienced practising lawyer involved in commercial litigation and shipping and maritime, among others.
Aswath began his legal career with the United Nations International Criminal Courts in Hague, Netherlands in 2012.