Indus Coal: Shareholders demand removal of executive director

By Romel S. Gurky

ASX-listed Indus Coal Limited said Wednesday it has received a request under section 249D of the Australian Corporations Act 2001 from shareholders representing greater than 5 percent of the votes that may be cast in a shareholders meeting (Requisitioning Shareholders) to immediately remove John Damian Kenny from his position as Executive Director of the company.

?The Board has resolved it no longer wishes for Kenny to remain a director and has discussed their concerns with him. As such, the Board, other than Kenny, unanimously support the request by the Requisitioning Shareholders and will proceed to release the relevant Notice of Meeting to convene the meeting of shareholders,? the company said in a statement.

Indus has a 38 percent interest in Indonesian company PT. Berlian Mahkota Coal (BMC), the owner of Block 9 coal concession which is located in Jambi, and 38 percent shares in PT. Batanghari Energi Prima (BEP), the sole owner of Blocks 7 and 8, also in Jambi.

Editing by Reiner Simanjuntak