KUALA LUMPUR: Ho Hup Construction Co Bhd's EGM scheduled for Wednesday (March 17) will proceed after the court had on Tuesday, March 16 declined to grant an injunction sought by Extreme Systems Sdn Bhd.
Extreme Systems is a private company controlled by Ho Hup deputy chairman Datuk Vincent Lye Ek Seang.
The defendants included Ho Hup, former managing director Datuk Low Tuck Choy, Low’s wife Datin Chan Bee Ling, Low’s sister Low Lai Yoong, APT Avenue Sdn Bhd and Tung Yin Peng. Wong Kian Kheong is representing Ho Hup while the other five defendants are represented by Rabindra Nathan.
This is the second injunction applied by Extreme System, Ho Hup’s largest shareholder with a 27.95% stake, to stop an impending EGM requisitioned for the removal of seven of the company’s eight existing board members.
Tuck Choy, who holds a 24.6% stake in Ho Hup, has called for the EGM to remove the existing board and replace them with others.
The first EGM was scheduled for Feb 4 but it was scrapped at the eleventh hour after Extreme System obtained an injunction on grounds that the notice given for the resolutions to remove the directors fell one day short of the mandatory 28-day notice period.
Lye has been at odds with Low since the former bought into the company. The two parties were in dispute over several of the company’s land sales last year.
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