SAAF Holdings Co.,Ltd. [1447.T]
TOKYO, Jun 16 (Pulse News Wire) – Saaf Holdings CO.,LTD. (1447.T) rejected a request from shareholder Masatoshi Maeda for an extraordinary general meeting aimed at appointing additional directors beyond the seven-member limit stipulated in its articles of association.
On June 15, the company received a formal request letter dated June 10 from Maeda, who sought to convene an extraordinary shareholders' meeting based on Article 297, Paragraph 1 of the Companies Act. However, SAAF Holdings contends that such a move would violate its charter. The company cited a recent court decision made on June 2, which ruled that the proposed candidates nominated by Maeda did not qualify as directors or representatives of the company.
Furthermore, the court upheld this ruling against subsequent objections raised by Maeda’s nominees on June 10. In light of these developments, SAAF Holdings maintains that the request is illegal due to the violation of its statutory director quota. The firm stated that it plans to carefully review the specifics of the request and disclose its final stance accordingly.
Notably, SAAF Holdings is scheduled to hold its eighth regular shareholders’ meeting on June 29.
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