[E-Daily Reporter Park Sun-Yeop ] The effectiveness of the resolutions passed at the extraordinary general meeting of shareholders held by SI RESOURCES CO.,LTD.(065420)last April has been suspended. The duties of the CEO and outside directors appointed at that meeting have also been suspended.
SI RESOURCES CO.,LTD. announced on the 15th that the Seoul Western District Court had granted a preliminary injunction filed by two individuals, including Mr. Choi, seeking to suspend the validity of the shareholders’ meeting and halt the execution of duties.
The court ruled that the validity of each agenda item passed by SI RESOURCES CO.,LTD. at the extraordinary shareholders’ meeting on April 21 must be suspended until a final judgment is rendered in the related main lawsuit—the action to confirm the nullity of the shareholders’ meeting.
In addition, the court suspended the duties of CEO and Inside Director Choi Bong-jin, as well as Outside Directors Kim Hyo-soo and Yoo Hyung-seok, for the same period. Consequently, they may not perform their duties as CEO, inside director, or outside director, respectively, until the judgment in the main lawsuit becomes final.
The court found that both applications for provisional measures were well-founded. SI RESOURCES CO.,LTD. will bear the litigation costs for the case regarding the suspension of the shareholders’ meeting’s validity, while the relevant executives will bear the litigation costs for the case regarding the suspension of their duties.
The court’s decision date and the company’s confirmation date were the 11th of last month. This disclosure serves as the final response to the Korea Exchange’s request for an inquiry disclosure.