Indian Corridor gets 14 days to hold EGM

MYT 6:02:24 PM

PETALING JAYA: The Court of Appeal has given Indian Corridor Sdn Bhd and Pembangunan Qualicare Sdn Bhd 14 days, effective from last Friday, to reconvene an EGM to remove several Golden Plus Holdings Bhd (GPlus) directors. 

The court had ruled that the notice of meeting of the reconvened EGM be given to GPlus shareholders by way of advertisements in two national daily newspapers. 

GPlus had submitted a copy of the judgment to Bursa Malaysia on Tuesday. The Court of Appeal also ruled the proxy forms submitted by the members for the EGM on Jan 26 would be recognised at the reconvened EGM. 

Last Friday, Indian Corridor Sdn Bhd and Pembangunan Qualicare succeeded in their appeal against a High Court decision that ruled against their plan to hold an EGM to remove several GPlus directors in January this year. 

Indian Corridor had called for an EGM to remove the latter’s entire board of directors. It was unhappy with the management agreement entered into by a unit of GPlus with a Hong Kong company last July. 

Indian Corridor, together with Pembagunan Qualicare had then issued a special notice in late December calling for an EGM to remove GPlus’s directors - chairman Datuk Abdul Halim Abdul Rauf, executive directors Low Thiam Hoe and Goh Sin Tien, and directors Tan Sri Lamin Mohd Yunus, Jeyaraj V. Ratnaswamy and Yeoh Hor San. 

They had proposed to appoint Indian Corridor’s chief executive officer Datuk Ooi Kee Liang as GPlus new managing director and four others to the board. 

However, GPlus board sought court action to declare the proposed EGM as invalid and null and void.  

The High Court of Shah Alam had on Jan 25, allowed GPlus board’s appeal but this was contested by Indian Corridor and Pembagunan Qualicare. 

Indian Corridor became a substantial shareholder in GPlus when it acquired 27.33 million shares in early November. Pembangunan Qualicare owns 1.67 million shares or 1.15% stake in GPlus.

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