Call for EGM by Jetson’s minority shareholders deemed invalid

PETALING JAYA: The requisition by 10 of Kumpulan Jetson Bhd’s (Jetson) minority shareholders to convene an EGM to remove six of the company’s board of directors, has been deemed invalid.

In a filing with Bursa Malaysia, Jetson said that pursuant to Section 311(3) (a) of the Companies Act 2016, the 10 minority shareholders convening the EGM would need to have 10% of the company’s paid up capital to carry the right of voting at meetings.

However, as at Dec 8, 2023 (being the date of the requisition notice), Jetson said the minority shareholders collectively held 25,324,384 or only 9.45% of the company’s shares.

“The aggregate shareholdings of the requisitionists in the company did not represent at least 10% of the total number of Jetson shares as at Dec 8, 2023 (being the date the notice was deposited with the company).

“As such, the notice has not complied with the requirements of Section 311(3) (a) of the Act.”

Jetson said the number of shares held by certain requisitionists, namely Lee Yee Wee, Shaun Sai Wen Fei, Teo Chor Eng, Tey Giap Leong and Muhd Alamin Ramli, as at Dec 8, was wrongly stated in the notice.

It added that Jason Ching Chou-Yi did not hold any Jetson Shares as at Dec 8 and hence was not a member of the company to qualify for requisitioning the directors of the company to convene the proposed EGM.

“The issuance of the notice requisitioning the directors of the company to convene the proposed EGM pursuant to Section 311 of the Act was therefore defective, invalid, wrongful, unconstitutional and unlawful.

“We wish to inform each of the requisitionists that the issuance of the defective, invalid, wrongful, unconstitutional and unlawful notice has resulted in the company incurring unnecessary cost and expenses to assess the course of action to be taken,” it said.