MC Payment TVV announced in a bourse filing on Wednesday that it would cancel the extraordinary general meeting (EGM) that was to be held on July 30.
Controlling shareholder Ching Chiat Kwong had earlier called for the meeting to remove five of the directors on the company's board. The directors are chief executive Anthony Koh, Albert Saychuan Cheok, Lillian Koh Noi Keng, Ong Kim Huat and Kim Moon Soo.
However, since shareholders of the digital payments company showed their support for Mr Ching and passed resolutions to appoint five new directors during another EGM on June 30, these directors have also resigned.
In a separate bourse filing, the company announced that Mr Ching has been appointed chairman of the board.
The board will now comprise Mr Ching, Ng Weng Sui Harry and Shawn Ching Wei Hung as non-executive non-independent directors, and Kesavan Nair, Tan Chee Keong and Chee Kheng Hock, Rothschild as non-executive independent directors.
Furthermore, the company will search for and appoint an additional independent director with accounting and financial management expertise by Sept 30 to chair the audit committee. Mr Ng currently holds the position and is non-independent.
The audit committee will then be reconstituted, while a lead independent director will also be appointed to lead the company in situations where Mr Ching is conflicted.
Shares of MC Payment were trading at 45.5 Singapore cents as at 2.12pm on Wednesday, down 1.5 cents or 3.2 per cent.