Ann: 2015 Annual Report to Shareholders, page-3

It has been a strategy of MD to say something only after it is done. the truth is that doing business in India is fraught with issues whereby you can decide what to do then wait for the Indian partners to agree or disagree. that variable makes regular reporting somewhat distressing for shareholders. once it is known how incompetent and awkward the Indian Govt is, investors might come to realise that the business is not sustainable at reasonable profit levels. so it becomes a frustration blamed on the MD.
this is not an excuse, but after a few years, it seems that they need people who can manage the Indian partners to make decisions.
There's no doubt that the current management hasn't got the skills required. Take a look at the other companies that the Chairman has been managing. look at their performance. Oilex fits perfectly into his comfort zone of small, making loss, begging for money every now and then and losing Market cap, bleeding to death.
My head is not buried in the sand, but over the years, my advice has been ignored, so I have little sympathy for the ones that don't vote.