SAAF Holdings Co.,Ltd. [1447.T]
TOKYO, Jun 24 (Pulse News Wire) – Saaf Holdings CO.,LTD. (1447.T) announced that the Tokyo District Court rejected injunction requests filed by shareholder Masatoshi Masumi against the company’s eighth regular shareholders' meeting scheduled for June 29 and the appointment of interim directors.
On June 10, Masumi requested provisional orders to appoint interim directors and prohibit the holding of the regular shareholders’ meeting set for June 29. However, the court dismissed both requests on June 23. The rejection was based on the invalidity of the resolution to dismiss existing board members due to insufficient quorum and ongoing legal challenges questioning the validity of the resolution.
Additionally, the court noted that SAAF’s current directors remain in their positions until further judgment, as previous provisional orders confirmed their status. The company plans to continue pursuing legal action to assert that the dismissal resolution violates laws and regulations and should be nullified. In light of these developments, SAAF reaffirmed its commitment to upholding corporate governance and maximizing shareholder value through lawful and appropriate management actions.
The company thanked shareholders for their continued support amid the ongoing litigation.
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