The SEC’s order was issued after IFEC announcement on 14 August 2018 via the Stock Exchange of Thailand that the company would hold a board of directors meeting on 22 August 2018 to discuss the process of setting up an extraordinary shareholders meeting No.1/2018 and the criteria for nomination of candidates for directorship.

The SEC therefore ordered that all three remaining directors whose names appeared on the IFEC certificate, namely, (1) Mr. Suphanan Rittiphairoj (2) Mr. Chatnarong Chattrabhuti and (3) Maj. Gen. Boonlert Jangnopparat, must attend the board meeting on the specified date to consider arranging an extraordinary shareholders meeting for the election of new directors to fulfil the quorum requirement in accordance with Section 83 of the Public Limited Companies Act.

Meanwhile, the SEC was notified by a group of IFEC shareholders who together hold more than 10 percent of the total shares sold that they wished to exercise their rights under Section 100 of the Public Limited Companies Act, to call for an extraordinary shareholders meeting for the election of new directors to fill the vacancies.

The proposal is viewed by the SEC as a possible alternative to solve IFEC problems, and the company’s board of directors should take it into consideration. This is to ensure that an extraordinary shareholders meeting will be arranged without delay.

However, attending the said board meeting does not clear any directors from wrongdoings in the past. If any of them are found to have obstructed a shareholders meeting or prevented it from taking place, they shall face an additional charge.

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