MATERIAL LITIGATION IRE-TEX CORPORATION BERHAD (IRETEX or the Company) Civil Suit No.: WA-22NCC-244-06/2017 (Suit 244) & Civil Suit No. WA-22NCC-262-07/2017 (Suit 262)

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
IRE-TEX CORPORATION BERHAD (IRETEX or the Company)  
Civil Suit No.: WA-22NCC-244-06/2017 (Suit 244) & Civil Suit No. WA-22NCC-262-07/2017 (Suit 262)

Reference is made to the Company’s announcement dated 8 June 2017 and 7 July 2017.

Further to the announcement of 7 July 2017, IRETEX wishes to announce that the Company had on 14 July 2017 received 2 notices, one notice is entitled “(1) Notice of Intention to Move Resolutions Requiring Special Notice pursuant to Sections 206(3) and 322 of the Companies Act 2016; (2) Notice of Intention to Move Resolutions for Removal of Directors from Office and to propose Persons for Election as Directors” (“Notice A”) and signed by Jia Zhigang and is made under the letter head of Elite Cosmo Group Limited; the other notice is entitled “Notice of Adjourned Extraordinary General Meeting called by  a Member pursuant to Section 310(b) of the Companies Act 2016.”, signed by Jia Zhigang on behalf of Elite Cosmo Group Limited (“Notice B”).

A copy each of Notice A and Notice B are attached.

On 7 July 2017, the Company announced inter alia that pursuant to a consent order between the Company and the 5th and 6th Defendants, being Elite Cosmo Group Limited and Tan Yeang Tze respectively:

(a)  the EGM convened by the 5th and 6th Defendants to be held on 12 July 2017 shall be adjourned to a date after the hearing on 23 August 2017;

(b)  the 5th and 6th Defendants are to issue fresh notices for the adjournment of the EGM on 12 July 2017.

Notice B provides that the adjourned EGM of the Company will be convened and held at 1st Floor, Cheng Yi Auditorium, the Kuala Lumpur and Selangor Chinese Assembly Hall, No. 1, Jalan Maharajalela, 50150 Kuala Lumpur on Friday, 25 August 2017.

The Company’s position is that this Notice of Adjournment is not in accordance with the intention of the Consent Order dated 7 July 2017 entered between the Company and the 5th and 6th Defendant in respect of Civil Suit No.: WA-22NCC-244-06/2017 (“Suit 244”). In particular, Notice B is a notice to convene a meeting signed by Elite Cosmo Group Limited alone and not a Notice to adjourn the EGM proposed to be held on 12 July 2017 that was supposed to be issued by Elite Cosmo Group Limited and Tan Yeang Tze, as required by the Consent Order dated 7 July 2017. The Company wishes to point out that the Court has not given directions on the date for the holding of the adjourned EGM or whether such an EGM can be held. Accordingly, the Company is of the view that the Notices issued by Elite Cosmo Group Limited are improper.

The Company will be seeking legal advice on further steps to be taken by the Company which include amongst others, seeking further interim orders from the Court to prevent the holding of the EGM and/or restrain the exercise of the voting rights of the 1st and 5th to 10th Defendants pending the disposal of the Company’s application for interim reliefs vide Enclosure 6 in Suit 244 and/or seeking a clarification from Court on the contents of the Consent Order dated 7 July 2017.

The Company is seeking legal advice on the matter.

This announcement is dated 25 July 2017.




Please refer attachment below.

Attachments

Notice A.pdf 
88.4 kB

Notice B.pdf 
120.2 kB



Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 25 Jul 2017
Category General Announcement for PLC
Reference Number GA1-25072017-00071