KUALA LUMPUR (June 28): Corrugated packaging services provider Ire-Tex Corp Bhd today said it is seeking to restrain the calling of another extraordinary general meeting (EGM) by its largest shareholder Elite Cosmo Group Ltd, pending the disposal of a lawsuit against Elite Cosmo and 19 others.

In a filing with Bursa Malaysia, the company said it received a notice of the EGM on June 23, which was issued by the Singapore-based Elite Cosmo and signed by Jia Zhigang.

The company's current directors had, on June 21, announced it had filed the lawsuit against Elite Cosmo. Besides Elite Cosmo, the others sued included Jia, Datuk Tey Por Yee, Ire-Tex director Kong Hon Kay, and chief operating officer Christopher Purcell.

Also sued were Raja Hizad Raja Kamaurddin and Hamdan Mohd Nor, who were appointed as directors of Ire-Tex at an extraordinary general meeting (EGM) convened by Elite Cosmo, which was subsequently deemed null and void.

Elite Cosmo had also attempted to remove several directors from the board at the EGM, namely Datuk Seri Mohd Shariff Omar, Felix Chin Wui Choong, Ahmad Amryn Abdul Malek and Mak Lin Kum.

In the suit, Ire-Tex's current directors sought for, among others, damages for conspiracy to injure, breach of duty care towards the directors, and a declaration that the proposed resolution to remove the five current directors was not in the best interest of Ire-Tex.

“The company will be taking out an application to seek orders to restrain the calling of any EGM by Elite Cosmo Group Ltd pending the disposal [of the lawsuit],” the company said.

Shares in Ire-Tex closed unchanged at 18 sen today, for a market capitalisation of RM24.84 million.