I cant say, if CM9 really is still using SH, it would include it as CM has it's dependencies already included.
Is busybox and toolbox properly compiled and symlinked in your rom at least?
Busybox includes the basic SH as a symlink (i think)
You could always grab your own SH/ASH/BASH from somewhere and add it in+symlink it and see if it boots to begin with.
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