KUALA LUMPUR (Dec 14): D'nonce Technology Bhd said the requisition notice filed by its substantial shareholder Blackstream Investments Pte Ltd for an extraordinary general meeting (EGM) to remove 10 of the group's directors has been rendered invalid.

In a filing today, the group said it has been advised by its solicitors on the ineffectiveness of the notice due to an interim order granted by the High Court.

It said the interim order remains valid and in force unless the court directs otherwise.

D'nonce had on Dec 6 filed a suit against its former managing director and chief executive officer, Law Kim Choon, accusing him of committing fraud and conspiracy and of breaching fiduciary duties.

The court had granted an interim order against Law, restraining him from dealing with the group's securities and exercising any voting rights or any other rights attached to any securities of the group.

Blackstream — which owns a 21.94% stake in the group — said it is calling for an EGM because it disagrees with the board's move to lead the group towards a future that only focuses on, and raises funds for, property development.

"The company (through its solicitors) had requested to hold a meeting with the actual and legal requisitionist of the requisition, RHB Nominees (Asing) Sdn Bhd, in respect of the requisition," D'nonce said today, adding that RHB Nominees had yet to respond to the request.

Shares of D'nonce closed down 1 sen or 2.53% to 38.5 sen, for a market value of RM91.85 million.