Incumbent Directors Of Caely Refuse to Recognise Resolutions OF EGM held On June 15

The incumbent board of directors Of Caely Holdings Bhd has refused to recognise the resolutions of the extraordinary general meeting of the company held on 15th June 2022 where they had been removed by its shareholders except for Datin Fong Nyok Yoon and four new directors were appointed,

As such, the requisitionists of the EGM had filed legal action against the Company today to amongst others seek for a declaration that the continued EGM was validly held (“Main Action”).

Pending the determination of the Main Action, the requisitionists also sought for an injunction to restrain the incumbent board of directors of the Company from acting and/or holding themselves as directors of the Company, including but not limited to approving and making payments whatsoever unless such payments are made for purposes of the Company’s ordinary course of business and day to day operations, appointing any additional directors to fill any casual vacancies, approving and/or executing any private sales, private placements or any other methods and means to dispose of the shares of the Company aside from the open market pending disposal of the Main Action.

To recap, on 15 June 2022 an extraordinary general meeting was held where 4 new directors appointed to the board. The new directors appointed to Caely’s board are Leong Seng Wui, Dato’ Kang Chez Chiang, Ng Keok Chai and Krishnan Dorairaju. Leong is also the current group executive director of Green Packet Bhd.

One existing director, Datin Fong Nyok Yoon, who is the non-executive non-independent director, remains.

In a scene during the EGM, Caely’s existing group executive chairman Dato’ Loh Ming Choon said that pending final determination of a lawsuit in Court, he declared that the EGM is adjourned and dismissed all directors from the meeting.

The Requisitionists continued with the meeting as the adjournment was improper.

Previous articleYayasan Hasanah Announces New Grant To Support And Empower Social Enterprises
Next articleMost Asian Equities Markets Shrouded by Stagflation Fear; Downbeat Yen After BoJ Decision

LEAVE A REPLY

Please enter your comment!
Please enter your name here