17 Oct 2017, Shah Alam - Bursa Malaysia today announced that 2 shareowners of R&A Telecommunication Group Bhd intended to call for Extraordinary General Meeting (EGM) to remove existing board of directors with 3 new candidates.
According to The Edge newspaper, R&A told Bursa Malaysia today it has received written requisitions to convene the EGM from Nexgram Holdings Bhd and founder-cum-former chief executive officer (CEO) of R&A Francis Tan Hock Leong, who is also being sued by the company.
In their written requisitions, Nexgram and Tan are seeking to remove incumbent CEO Sim, together with three other independent non-executive directors, i.e. Chua Soo Seong, Lim Tiong Jin and Selva Rasan A/L Datuk Puspa Das. To replace the three, Nexgram and Tan have put forth the names Rajendra Raja A/L S Govendaraj, Cheang Soon Siang, and Kamal Abdul Aziz to be appointed as new R&A directors. R&A has been given 14 days to call for the EGM.
In a separate filing, R&A said its wholly-owned subsidiary R&A Telecommunication Sdn Bhd (RASB) is suing Tan, who is also a director in RASB, for having breached various director's duties to the company. RASB alleged that Tan failed to effect statutory payments to the Employees’ Provident Fund (EPF), the Social Security Organisation (Socso), the Inland Revenue Board (IRB) and the Human Resource Development Fund — collectively referred to statutory creditors — in a timely manner, as required under the laws.
R&A said the lawsuit was filed through its solicitors, Messrs Syed Ibrahim & Co on Oct 11 this year. R&A further claimed that as a result of Tan's actions, RASB's new management had to divert valuable funds to pay the statutory dues and penalties imposed by the statutory creditors. Syed Ibrahim & Co refers to Mak Lin Kum, the corporate lawyer for R&A and Nexgram, which was referred by Sim Keng Siong to both Plc former CEO and shareowners. Sim Keng Siong is still CEO of R&A which handles the entry of white knight which dilutes existing shareonwers by 40 to 1 share consolidation, which market believes the main reason why shareowners called for EGM and also the main reason & excuse for Sim and Mak to file lawsuits in hope to prevent their removal and stays on to their profits.
To learn more about who is Sim & Mak, here is the origin of the story trace back to these articles:
“The imposition of penalties (to stop Francis Tan from exercising his rights) is still continuing. Further announcement on the development of the above matter will be made to Bursa Malaysia in due course,” the (interested) group (Sim & Mak) added. Wrote once again on Mak's comment, Chester Tay, The Edge.
Stock: [NEXGRAM]: NEXGRAM HOLDINGS BERHAD
2017-10-19 09:44 | Report Abuse
https://klse.i3investor.com/blogs/Biznewsflash/135591.jsp
17 Oct 2017, Shah Alam - Bursa Malaysia today announced that 2 shareowners of R&A Telecommunication Group Bhd intended to call for Extraordinary General Meeting (EGM) to remove existing board of directors with 3 new candidates.
According to The Edge newspaper, R&A told Bursa Malaysia today it has received written requisitions to convene the EGM from Nexgram Holdings Bhd and founder-cum-former chief executive officer (CEO) of R&A Francis Tan Hock Leong, who is also being sued by the company.
In their written requisitions, Nexgram and Tan are seeking to remove incumbent CEO Sim, together with three other independent non-executive directors, i.e. Chua Soo Seong, Lim Tiong Jin and Selva Rasan A/L Datuk Puspa Das. To replace the three, Nexgram and Tan have put forth the names Rajendra Raja A/L S Govendaraj, Cheang Soon Siang, and Kamal Abdul Aziz to be appointed as new R&A directors. R&A has been given 14 days to call for the EGM.
In a separate filing, R&A said its wholly-owned subsidiary R&A Telecommunication Sdn Bhd (RASB) is suing Tan, who is also a director in RASB, for having breached various director's duties to the company. RASB alleged that Tan failed to effect statutory payments to the Employees’ Provident Fund (EPF), the Social Security Organisation (Socso), the Inland Revenue Board (IRB) and the Human Resource Development Fund — collectively referred to statutory creditors — in a timely manner, as required under the laws.
R&A said the lawsuit was filed through its solicitors, Messrs Syed Ibrahim & Co on Oct 11 this year. R&A further claimed that as a result of Tan's actions, RASB's new management had to divert valuable funds to pay the statutory dues and penalties imposed by the statutory creditors. Syed Ibrahim & Co refers to Mak Lin Kum, the corporate lawyer for R&A and Nexgram, which was referred by Sim Keng Siong to both Plc former CEO and shareowners. Sim Keng Siong is still CEO of R&A which handles the entry of white knight which dilutes existing shareonwers by 40 to 1 share consolidation, which market believes the main reason why shareowners called for EGM and also the main reason & excuse for Sim and Mak to file lawsuits in hope to prevent their removal and stays on to their profits.
To learn more about who is Sim & Mak, here is the origin of the story trace back to these articles:
R&A Telecommunication Group Bhd theft proceeds landed a white knight and a Prima Palma?
http://klse.i3investor.com/blogs/theftproceeds/134787.jsp
2 October 2017: R&A Telecommunication Group Bhd theft proceeds & stealth RTO endorsed by Bursa & SC?
https://klse.i3investor.com/m/blog/norespect4law/134218.jsp
“The imposition of penalties (to stop Francis Tan from exercising his rights) is still continuing. Further announcement on the development of the above matter will be made to Bursa Malaysia in due course,” the (interested) group (Sim & Mak) added. Wrote once again on Mak's comment, Chester Tay, The Edge.
The Edge Analysis.