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High Court dismisses Shanghai Turbo's application for stay of injunctions
THE High Court has, on Monday, dismissed Shanghai Turbo Enterprises' application for the stay of injunctions, with reference to a legal tussle against former executive director Liu Ming.
Giving an update on Tuesday, the precision engineering group said that the Mareva injunction and the voting injunction were dismissed.
It added that it is seeking legal advice and will proceed with the application to the Court of Appeal.
On May 18, Shanghai Turbo had filed an appeal against the High Court's May 14 decision concerning Liu's jurisdictional challenge.
The appeal was related to the court's previous decision that Liu's lawsuit should be heard by Chinese courts, and allowed the jurisdictional challenge.
Shanghai Turbo has been engaged in a legal imbroglio with the former executive director since he was voted off the board in April 2017.
Also on May 18 this year, the company said Zhang Ping and Lin Chuan Jun had filed a fresh action against it to "restrain it from issuing any new shares" until an extraordinary general meeting (EGM) is held for the requisition notice.
The duo filed the notice on Jan 4 this year, which required the company's board to convene an EGM within two months from receipt to remove the company's entire board and to appoint Lin, Koh Wee Kiang and Zhang Wen Jun as company directors with effect from the date of the EGM.
Shanghai Turbo said previously that the court had adjourned a hearing on May 24 to June 18, which was meant to hear parties on costs and all other outstanding matters.
The court concluded at that time that Shanghai Turbo will convene the EGM by June 14 and hold the EGM after the court hearing on June 18 but by July 24 this year.