The Singapore Exchange (SGX)  has withdrawn its application for a court order after a meeting in court between SGX’s lawyers and China Sky’s legal counsel. SGX was represented by Senior Counsel Andre Maniam and Ms Joy Tan from Wong Partnership, and Mr Leonard Chia of Asia Ascent Law Corp acted for China Sky.

The stand-off between SGX and China Sky resulted in the stepping down of three independent directors – Mr Er Kwong Wah, Mr Lai Seng Kwoon and Mr Yeap Wai Kong – in protest at the company’s defiance to comply with SGX directives.

SGX had also wanted the company to appoint two independent directors based in Singapore and to fill the vacancy in its audit committee.

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China Sky defends non-compliance