Asti shareholders seek court declaration to defend EGM validity
THE shareholders of Asti who requisitioned an extraordinary general meeting (EGM) to replace the semiconductor company’s entire board have commenced legal proceedings to confirm the validity of the meeting.
The requisitioners – Ng Yew Nam, Lim Chee San, Toh Cheng Hai and Ng Kok Hian – said in a statement on Thursday (Aug 24) that they are seeking a declaration that the EGM was valid, and the 11 resolutions passed are legitimate and binding.
The new development comes one day after Asti’s supposedly-ousted board said it would take the requisitioning shareholders and other individuals to court.
Lawyer letters have been sent to the parties’ lawyers, the defending board said. They affirmed that the EGM was invalidly called and is itself invalid, and that legal proceedings are in motion.
In its statement on Thursday, the requisitioning shareholders said that they are also seeking an order to compel the defending board to “take all necessary steps to give effect to, and not obstruct and/or prevent” the roll-out of the 11 resolutions.
They claim that the defendants – Anthony Loh Sin Hock, Kriengsak Charonwongsak, Charlie Jangvijitkul, Mohd Sopiyan B Mohd Rashdi, Theerachai Leenabanchong – have also sought to prevent the newly appointed directors from taking over control of the company and discharging their functions.
The requisitioning shareholders are also looking to obtain an order to block the company’s Aug 31 annual general meeting (AGM) until legal proceedings are disposed of or until further order by the Singapore High Court.
All parties had been in conflict over the validity of the EGM held on Tuesday.
The defending board has also urged other shareholders to attend its AGM instead, adding that the meeting was the “appropriate forum” to bring up any issues or resolutions.
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The Securities Investors Association (Singapore), or Sias, which has weighed in on the matter, has advised shareholders to attend both the EGM and the AGM.
It noted that both meetings are avenues for shareholder discourse, and that the legality of the EGM would be for a court to decide and not the company.
Trading in watch-listed Asti’s shares has been suspended since Jul 5, 2022.
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