PeterLabs Holdings Bhd has filed a lawsuit to block an EGM requisitioned by non-independent non-ED Lin Ching Yein and substantial shareholder Bu Yaw Seng.
The EGM seeks to remove existing directors and appoint new board members.
In a filing with Bursa Malaysia, PeterLabs said the board, after obtaining legal advice, is of the view that “the resolutions proposed by Bu and Lin if passed, would not be in the interest of PeterLabs,” and therefore “has decided not to convene the EGM as requested.”
The company has commenced legal proceedings in the Seremban High Court seeking “a declaration that the notice of requisition dated May 15, 2025 issued by Bu and Lin is invalid.”
PeterLabs is also applying for an interlocutory injunction to restrain Bu and Lin from proceeding with the EGM pending the court’s final decision.
This legal action follows earlier moves by PeterLabs and its subsidiary Thye On Tong Trading Sdn Bhd against Lin, as well as the suspension of ED Datuk Loh Saw Foong over alleged breaches of fiduciary duty. — TMR
RELATED ARTICLES
PeterLabs further suspends executive director amid ongoing MACC probe
PeterLabs suspends ED Loh Saw Foong for internal misconduct review
MACC raids PeterLabs offices over misconduct allegations involving ED
The post PeterLabs files lawsuit to block shareholder-led EGM amid boardroom dispute appeared first on The Malaysian Reserve.
