Injunction to Suspend Shareholders' Meeting Resolution Granted, Defending Management Control
We proved the defects in the meeting convocation procedure within days, suspending the effect of the director appointment resolution.
Facts
A dispute over management control was underway between our client and the opposing shareholders.
At an extraordinary general meeting convened by the opposing side, a resolution was passed to replace the entire board of directors.
Immediately after the resolution, the new board attempted to execute company funds.
Jeongpyeong's Assistance
We filed for an injunction the day after the resolution and verified the timing of dispatch and delivery of the meeting notice through postal records.
We cross-checked the seals and scope of authority on the voting proxies to identify proxies with grounds for invalidity.
We reconstructed the quorum calculation on a proxy-by-proxy basis and presented a table showing the resolution requirements were not met.
We demonstrated the necessity of preservation together with the circumstances of the fund execution, and requested an expedited hearing.
Outcome
The court granted the injunction suspending the effect of the resolution.
In a situation moving on a matter of days, the speed of preparation determined the outcome.
Facing a similar situation? We'll help you sort out the facts first.