28 June 2017 - Packaging company Ire-Tex Corp Bhd shareholder had today through The Star newspaper published the notice to Extraordinary General Meeting (EGM) to be held on 12 July 2017.
The company had earlier announced the EGM notice was received on 8 June 2017, where 23 June 2017 shall announce the EGM dates. Unfortunately, once again, the same directors lead by one Mak Lin Kum, Felix Chin Wui Choong and 2 others which ignored and sued shareholders to keep themselves in power, had not carried their duties to inform shareholders timely.
According to The Star, the coming EGM was issued by Ire-Tex’s largest shareholder Elite Cosmo Group Ltd and another shareholder Tan Yeang Tze, to convene an extraordinary general meeting to remove four directors — Datuk Seri Mohd Shariff Omar, Felix Chin Wui Choong, Ahmad Amryn Abdul Malek and Mak Lin Kum — and appoint Hamdan Mohd Nor and Raja Hizad Raja Kamarulzaman as directors.
Earlier 21 June 2017, the same directors had also attempted to cause Ire-Tex to default in hope to further harm company and shareholders. Market believes the strange actions by Mak Lin Kum and others are linked to corporate blackmail and self-rationale for their abuse and looting of companies believed formerly linked to Dato' Tey Por Yee. The drop of Ire-Tex Corp Bhd 2 material lawsuit on one Teh Eng Huat was such reckless, that publicly published wrongdoing by Teh Eng Huat was quietly dropped and rush through days after Ire-Tex Corp Bhd shareholders send notice of EGM to remove the directors as if the directors were incentivised as the suicide bomber.
Despite a smoke screen of a cluelss legal suit by the directors on 20 entities, the market is expecting the EGM on 12 July 2017 to install law and order for the shareholders of a public company to carry out their duties. Anyone with basic legal knowledge also knows that anybody can sue anyone until proven, the alleged shall be free to carry out their duties. Only the fools who pretend the public are fools to believe and use the lawsuit as a distraction.
Law&Order News
http://www.theedgemarkets.com/article/iretex-faces-possible-default-after-missing-iculs-deadline
Ire-Tex faces possible default after missing ICULS deadline
This article first appeared in The Edge Financial Daily, on June 21, 2017.
KUALA LUMPUR: Ire-Tex Corp Bhd says it failed to meet a deadline
to pay interest payment on its irredeemable convertible unsecured loan
stocks (ICULS) issued in 2014, which may constitute an event of default.
It was supposed to pay the annual interest by June 10.
“The company failed to make the payment due to operational issues.
Subsequently, on June 13, the company announced that the payment will
be made on July 10,” it said in a Bursa Malaysia filing yesterday,
adding that according to the trust deed governing the ICULS, failure in
paying the interest may constitute an event of default.
“The company is seeking the trustee’s advice and any material
development on the matter will be made to the public accordingly,” it
said.
Meanwhile, Ire-Tex said it has applied to the Companies Commission
of Malaysia for more time — up to Aug 27 — to hold its annual general
meeting (AGM), which it is supposed to hold by June 30. It said it would
miss the AGM deadline because the company had been served with a
special notice to remove its board of directors, and that “the outcome
of the said application will be announced in due course”.
The special notice was issued by Ire-Tex’s largest shareholder
Elite Cosmo Group Ltd and another shareholder Tan Yeang Tze, to convene
an extraordinary general meeting to remove four directors — Datuk Seri
Mohd Shariff Omar, Felix Chin Wui Choong, Ahmad Amryn Abdul Malek and
Mak Lin Kum — and appoint Hamdan Mohd Nor and Raja Hizad Raja
Kamarulzaman as directors.
http://klse.i3investor.com/blogs/lawyerforsale/126306.jsp
