D'Nonce CEO removed after court nullifies his re-election as director
KUALA LUMPUR (July 18): Penang-based D'Nonce Technology Bhd today said its group chief executive officer Lim Teck Seng had been removed.
In a filing with Bursa Malaysia, the firm said the removal followed a ruling by the Kuala Lumpur High Court on July 11, 2019 that Lim's re-election as a director at the annual general meeting (AGM) on June 17, 2019 was invalid.
The ruling arose from a suit filed by Singapore investment company Blackstream Investments Pte Ltd, who has a 24.14% stake held via RHB Nominees (Asing) Sdn Bhd in D'Nonce.
D'Nonce said the court also declared that an adjournment of the company's extraordinary general meeting (EGM) on June 12, 2019 was invalid.
In the same ruling, the High Court also declared that the company's appointments of Ng Kok Wah, Yap Chee Keong, Thoo Soon Huat and Tan Than Kau as directors after the June 12 EGM are invalid.
It also ruled the re-elections of Yeo Boon Leong, Ng Kok Wah and Tengku Ahmad Badli Shah Raja Hussin as directors at the June 17 AGM as invalid.