Earlier, Mr. Suphanan acting on behalf of IFEC sent a letter requesting the DBD to reveiw its order denying the registration of Mr. Wiphu Maharakkhaka and Mr. Manusak Deawwanich on IFEC directors’ list and then may exercise the right to appeal such DBD’s decision.

According to Section 42 of the Administrative Procedure Act B.E. 2539 (1996), an administrative order shall be effective since the person concerned is notified and shall remain in effect until it is revoked or invalid for other reasons. Therefore, despite the move by IFEC through Mr. Suphanan, as long as the DBD has not revoked such order, its declaration remains valid and IFEC directors must perform their duties in compliance with the DBD’s discretion. In this regard, all three directors, namely (1) Mr. Suphanan Rittiphairoj (2) Mr. Chatnarong Chattrabhuti and (3) Maj. Gen. Boonlert Jangnopparat have the duty to convene a shareholders meeting to elect new directors in accordance with Section 83 of the Public Limited Companies Act B.E.2535 (1992) as soon as possible. They are also duty-bound to observe other laws associated with such order.

Organizing a shareholders meeting in line with the DBD’s consideration would be a proper way for IFEC to deal with the current situation so that shareholders who are the real owners of the company will have an opportunity to select candidates they deem suitable to become new directors. IFEC by Mr. Suphanan's request to the DBD for a review of its order or to exercise the right to file an appeal with the Commerce Minister is a time-consuming process for the final conclusion, not allowing IFEC to solve the problems in a timely manner.

Citing Section 58 of the Securities and Exchange Act, the SEC has ordered Mr. Suphanan to clarify why he has not organized a shareholders meeting promptly so as to give shareholders an opportunity to appoint those they find appropriate as new directors, and to explain how his request for the DBD to review its decision or the intention to lodge an appeal with the Commerce Minister would be suitable or beneficial to the company, the shareholders and the current situation. Mr. Suphanan must disclose his clarification in this matter via the Stock Exchange of Thailand by 21 June 2018.

The SEC will take Mr. Suphanan's clarification into consideration as to whether he is performing fiduciary duties as a listed-company director with responsibility, prudence, honesty and integrity, and in accordance with the law for the utmost benefit of the company under the Securities and Exchange Act's Section 89/7.