KUALA LUMPUR (March 1): Kumpulan Jetson Bhd has initiated a legal action against requisionists of a failed attempt to call for an extraordinary general meeting (EGM) to remove the entire board of directors of the construction group.
In a filing with Bursa Malaysia on Friday, Kumpulan Jetson said it had through its solicitors filed a lawsuit against the 10 individuals — Tee Chee Beng, Chang Yin Yee, Lee Yee Wee, Chong Wan Ying, Shaun Sai Wen Fei, Teo Chor Eng, Jason Ching Chou-Yi, Tey Giap Leong, Nurdayana Isa, and Muhd Alamin Ramli — at the High Court.
The group is seeking a declaration that the shareholders’ notices to remove the directors are defective and inconsistent with the law, specifically Kumpulan Jetson’s constitutional rights.
Kumpulan Jetson is also seeking damages for alleged defamation resulting from the notices, claiming that the shareholders have damaged the group’s image, reputation and interests.
The group had last December turned down the requisition to convene an EGM on the grounds that the 10 shareholders did not collectively hold at least 10% of the group’s shares on the day of the request.
Instead, the requisitionists collectively held only 9.45% of Jetson shares as at Dec 8, according to the group.
The 10 shareholders had, in their requisition notice, requested the EGM to remove deputy chairman Tunku Nooruddin Tunku Shahabuddin, executive director Edward Ng Kah Jiun, as well as non-executive directors Louise Paul Ail Joseph Paul, Hong Cheong Liang and Goh Rui Yee from the board.
In their place, the shareholders sought to appoint Tee as well as Datuk Seri Mohmad Salleh, Chuan Sieh Yee, Joe Tee Chang Chee Lup, Boey Sook Yen and Melvin Ong Kok Ho as new directors.
Then in February, a slightly different 11-member shareholders group made a second attempt to call for an EGM, again to replace the group’s incumbent board of directors.
It was revealed in the notice of requisition that Tee had joined Kumpulan Jetson in March 1980 as finance and administration manager and was appointed as the director of Jetson Construction Sdn Bhd in November 2001. The 74-year-old was later an executive director of Kumpulan Jetson from August 2017 to October 2022.
Kumpulan Jetson is involved in construction, property development and the manufacturing of anti-vibration systems, chemicals and plastic products. The group has been loss-making since the financial year ended Dec 31, 2016.
Shares in Kumpulan Jetson settled seven sen or 20.59% lower at 27 sen on Friday, giving the group a market capitalisation of RM71.37 million.
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Source: EdgeProp.my
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