SET insists Polaris clarify shareholders’ meeting
The Stock Exchange of Thailand (SET) has demanded that listed developer Polaris Capital Plc (POLAR) clarify information after the Court of Appeals issued a temporary injunction to prohibit the registrar from registering the current board of directors.
Polaris Capital is required to clear up the matter with the SET by March 24.
On March 12, the SET was informed that the Court of Appeals had issued a temporary injunction to prohibit Polaris Capital’s registrar from registering the five-member board of directors.
The board consists of Tischuan Nanavaratorn, Orasa Teerakul, Teethach Teerakul, Anuwit Tantisewekul and Kanchayut Tantisewekul, all of whom have been in position since Jan 25, 2019.
The temporary injunction may impede their ability to perform their duties as company directors, the SET said.
The bourse has also been notified that Mr Tischuan, a major shareholder and chairman of Polaris Capital with 960 million shares for a 11.27% stake, submitted a letter dated Feb 14, 2020 to request the company’s board of directors call an extraordinary shareholders’ meeting according to Section 100 of the Public Limited Companies Act.
The goal was to appoint 10 additional directors, for a total of 15, and to change the authorised directors who can sign on the company’s behalf.
“However, the company has not yet disclosed to the SET the timeline of the shareholders’ meeting as per shareholders’ request,” the SET said. “Therefore the SET requires Polaris Capital’s board of directors to disclose the timeline to arrange the shareholders’ meeting as Mr Tischuan requested.”
In May 2017, Polaris told the SET it had filed a business rehabilitation petition, which was later withdrawn.
The firm was discovered to be under a court-ordered receivership, which significantly affects its shareholders’ rights.
POLAR shares have been suspended from trading since March 1, 2017 due to Polaris’s failure to submit financial statements and provide explanations for certain investments.