Day Light Robbery News in Bursa - A New Norm?
Ire-Tex Corp Bhd's Elite Cosmo requests for another EGM to remove directors - TheEdge
KUALA LUMPUR (June 8): Ire-Tex Corp Bhd has received a special notice from its largest shareholder Elite Cosmo Group Ltd, who is acting together with another shareholder Tan Yeang Tze to remove four directors from the company.
In a notice filed with Bursa Malaysia today, the Singapore-based shareholder is seeking for Ire-Tex to convene an extraordinary general meeting for the purpose of passing ordinary resolutions to remove Datuk Seri Mohd Shariff Omar, Felix Chin Wui Choong, Ahmad Amrynn Abdul Malek and Mak Lin Kum as directors, with immediate effect.
Elite Cosmo is also seeking to appoint Hamdan Mohd Nor and Raja Hizad Raja Kamarulzaman as directors, with immediate effect.
Elite Cosmo and Tan said if an EGM is not called by Ire-Tex within the stipulated timeframe, they will then proceed to convene an EGM on their own, to pass the resolutions.
The development today indicates the boardroom tussle at the Penang-based corrugated packaging services provider is far from over.
Yesterday, the group announced the High Court had declared its recent EGM held on April 27, as null and void. During the April EGM, Elite Cosmo had sought to oust the same four directors and appoint Hamdan and Raja Hizad.
Following its EGM in April, Ire-Tex had issued two different outcomes of the meeting to Bursa Malaysia.
Ire-Tex shares were not traded today. They closed yesterday at 20 sen, for a market capitalisation of RM27.6 million.
The Edge
source:
http://www.theedgemarkets.com/article/elite-cosmo-requests-another-egm-remove-iretex-directors
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5456829
OTHERS IRETEX CORPORATION BERHAD ("IRETEX" OR "THE COMPANY") SPECIAL NOTICE ON APPOINTMENT & REMOVAL OF DIRECTORS
| IRE-TEX CORPORATION BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description |
IRETEX CORPORATION BERHAD ("IRETEX" OR "THE COMPANY")
SPECIAL NOTICE ON APPOINTMENT & REMOVAL OF DIRECTORS
|
|
IRETEX wishes to announce that the Company had on 8 June 2017 received a Special Notice in relation to appointment and removal of directors from two (2) persons representing themselves to be shareholders of the Company holding not less than one-tenth of the paid up capital of the Company carrying the right of voting at meetings of members of the Company as at the date of deposit of the said Special Notice. A copy of the Special Notice is attached. The Company is seeking legal advice on the matter. This announcement is dated 8 June 2017. |
|
Please refer attachment below.
Announcement Info
| Company Name | IRE-TEX CORPORATION BERHAD |
| Stock Name | IRETEX |
| Date Announced | 08 Jun 2017 |
| Category | General Announcement for PLC |
| Reference Number | GA1-08062017-00079 |
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Agree. FYI, ire-tex has over 55% shareholder vote, and over 95% voted to remove the jokers. Agree that there is a loophole in the corporate system, whereby "votes" which is numbers and facts, being twisted by criminals, especially lawyers, using words or technical bull sheet, deny shareholders rights and decisions. Means, bull sheet overshadow 55% majority shareholder results? What kind of screw up system is that?
Usually the shareholders' fight, both side has a share. This ire-tex fight is pure criminals, the directors have no shares, and intention to kill the company and cause harm. obviously for personal benefit, not shareholders right.
Agree if law set 51%, 75%, etc, certain milestone met shall allow shareholders to carry on with their "results", not some words or spelling typo bull sheet by the fired staff.
More and more such abuse may happen since a staff can blackmail the owners anytime; prime minister fires a staff, can cost country upside down if the staff does this. Maybe that is why there is a special force in the country - to just eliminate jokers who plug within the system. Unfortunately, the corporate world doesn't have such street cleaners. While waiting for upgrades in the legal system. By the time, many corporate victims would have cost the country a generation of loss.
2017-06-09 14:21
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I think is time for shareholders to determine the directions, the composition of Boards and appointee to overlook the company rather than largest shareholder's to determine everything to protect shareholders and minority shareholders and other Directors due to conflict of personality in the company.
Maybe imposition of maximum 15% shareholding per Director's or shareholder's and need at least 4 shareholders holding combined 51% to have a said in sacking or removing someone on Board. If not we will see more of this issue which crops up too frequent lately.
Stone Master and now IRETEX..............coming soon which one?
2017-06-09 13:31