SAAF Holdings Co.,Ltd. [1447.T]
TOKYO, Jun 12 (Pulse News Wire) – Saaf Holdings CO.,LTD. (1447.T) rejected a court decision made on June 12, 2026 against proposed directors, stating that the resolution to dismiss existing board members and appoint new ones was invalid due to legal violations.
On June 02, 2026, the Tokyo District Court ruled that the dismissal of seven incumbent directors lacked quorum and violated legal procedures, while also noting that exceeding the board's quota of seven members during the special shareholders' meeting on June 03, 2026 contravened the company’s articles of association. Despite this ruling, the company maintains its stance that the resolutions are unlawful and plans to seek final judicial determination through litigation proceedings. The company believes the decisions made on June 02, 2026 and upheld on June 10, 2026 are provisional and does not recognize the objections raised by the proposed directors.
It continues to assert that the resolutions should be invalidated based on legal and regulatory grounds. SAAF Holdings remains committed to upholding corporate value and shareholder interests through lawful and appropriate governance actions. Shareholders are advised to expect further updates as the situation develops.
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