Kitchen Culture ‘intends vehemently to resist’ Ooway’s legal proceedings
Michelle Zhu
OOWAY Group has commenced legal proceedings against Kitchen Culture to instate the validity of its Nov 25 extraordinary general meeting (EGM), along with resolutions passed at the said meeting.
In a bourse filing on Tuesday (Dec 20), Kitchen Culture said it was informed on Dec 16 that Ooway is applying to the Singapore High Court for declarations that five of the company’s current directors were validly removed from their posts with effect from Nov 25, and that Ooway’s five appointed directors were validly elected in their place.
Ooway also applied to the court for consequential directions regarding the lodgement of necessary documents with the Accounting and Corporate Regulatory Authority to give effect to these changes to Kitchen Culture’s board of directors.
As part of the proceedings, Ooway has further filed a summons for injunction against Kitchen Culture to “take the necessary steps” to elect its appointed directors with effect from Nov 25 – while either removing Kitchen Culture’s five current directors with immediate effect or alternatively, restrain them from exercising any powers, authority, or functions as directors of the company.
The hearing for the summons has been fixed for 10 am on Dec 23.
Additionally, Ooway is applying for costs of the proceedings (including the summons) to be provided for along with “further or other relief as the court deems fit”.
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Kitchen Culture said it is instructing lawyers to advise and act in relation to this matter, emphasising that it “intends vehemently to resist the proceedings” including the summons, as well as to present and submit its case to the court.
Meanwhile, the company said it will “carry on its business and affairs normally”.
Current Kitchen Culture directors which Ooway is seeking to remove from the company’s board are: executive director Lim Wee Li, non-executive and non-independent chairman Lau Kay Heng, and three independent directors – Ang Lian Kiat, William Teo and Peter Lim.
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In their place, Ooway is looking to appoint: James Rogers as non-executive director; Yip Kean Mun as executive director; as well as Lam Kwong Fai, Tan Meng Shern and Cheung Wai Man as independent directors of the company.
Ooway claims these directors were elected at the Nov 25 EGM after shareholders representing about 40 per cent of Kitchen Culture’s shares approved their appointments. On the other hand, Kitchen Culture maintains its current board of directors remains unchanged as it denies the validity of the Nov 25 EGM.
Shares of Kitchen Culture have been suspended from trading since July 2021.
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