Already listed firms were given two years to comply. Earlier this month, the UK's Financial Conduct Authority announced it would also be strengthening the protections for minority shareholders to ensure their active engagement, including giving independent shareholders a veto over deals between the company they had invested in and a major shareholder, which threatened the independent running of the company, and requiring independent directors to be approved by independent shareholders. Essar Energy is set to report its results for the six months ending September on Monday. Ahead of the results Bank of America-Merrill Lynch said it was cutting its estimates for the company for the next three years following the sharp deterioration of the rupee to the US dollar, and weaker than expected refining margins in Asia, and a weak global refining market more generally. Published on November 22, 2013