Latest: INM chairman 'horrified' by alleged data breach

Update 11.55am: The Chairman of Independent News & Media says the board is "horrified" at the prospect of an alleged data breach at the company.

Murdoch McLennan told shareholders at its AGM today that it would be ‘entirely deplorable’ if third parties had accessed data for an "improper purpose".

INM is opposing a move by the Director of Corporate Enforcement to appoint inspectors to investigate how the company is run and the High Court has yet to make a decision on the matter.

John Flynn is a shareholder from Cork and thinks the company can bounce back from the current controversy.

"I think there's a mass hysteria at the moment about this business of the Director of Corporate Enforcement and all this about the data protection," he said.

We're gone over the top, we're gone from one extreme to the other. Lets have a bit of basic common sense and stop behaving like children.

Earlier: Independent News and Media holding AGM in Dublin today

Update 7.43am: Independent News and Media holds its Annual General Meeting in Dublin today.

It is the company's first AGM since the start of its legal battle to prevent corporate watchdog the ODCE examining its affairs.

The ODCE wants to appoint inspectors with powers to investigate corporate governance, and an alleged data breach at the company.

Today's meeting is likely to hear questions from shareholders about the financial impact the controversy is having on the media group.

- Digital Desk