Cayman Court Overrules Raffles Interior Board on General Meeting Postponement
Raffles Interior (HKG:1376) said the Grand Court of the Cayman Islands has struck down a decision by its board of directors to postpone its general meeting, according to a Monday filing with the Hong Kong bourse.The court barred the interior fit-out company's directors from blocking resolutions put forward by its majority shareholder, Han Vision Holding, which seek an overhaul of the current board.Under the court order, Raffles Interior is required to proceed with the meeting by the end of June. Additionally, the court ordered Raffles Interior to pay Han Vision's legal costs amounting to HK$100,000.The company said it has filed an appeal against the court's decisions.The boardroom dispute stems from a proposal by Han Vision to remove existing directors Ding Hing Hui, Wong Heung Ming Henry, Gay Soon Watt, and Loke Pui San.In their place, the shareholder nominated Qi Hongjuan, Wu Lun, He Yong, Wang Dong, and Wang Guoyue to join the board.
