|TCL shareholders plan meeting to remove Board |
By RICHARDSON DHALAI Sunday, August 17 2014
A GROUP shareholders of Trinidad Cement Limited (TCL) is planning to proceed with a Special Compulsory Meeting on August 19 at the Radisson Hotel, to vote on the removal and replacement of the TCL board.
In a media invitation dated August 15, 2014, the shareholders stated that the aim of the meeting was “the majority ownership shareholders will be voting to immediately remove the following existing directors on the board of Trinidad Cement Limited.”
The invitation also identified the six directors to be removed and their seven replacements.
In a telephone interview, Media Liaison, Nadia Beeray, stated that all preparations had been finalised for the meeting and being awaited now was the outcome of a decision on an injunction which had been filed by TCL against the group.
She said the injunction was supposed to have been heard in the High Court last Friday but had been postponed until Monday.
“The majority of shareholders, about 80 percent of shareholders wanted the present Board removed and replaced by new directors,” she said. Meanwhile, in a notice posted on TCL website, the company noted that on June 24, 2014, it had “received a Requisition to call a Compulsory Meeting of Shareholders under Section 133 of the Companies Act, Chap. 81:01, from a group of Shareholders together holding an aggregate of 54.7 percent of the issued shares of TCL, for the purpose of removing six (6) Directors from the Board of Directors, and electing seven (7) other individuals to the Board.”
“By letter dated 14th July, 2014, Attorneys-at-Law for TCL wrote to the Requisitioning Shareholders informing them that the Requisition could not be entertained, because any attempts taken to implement the Meeting would expose the relevant parties to Contempt of Court. The detailed reasons for this position were outlined in the said letter,” TCL stated.“A pre-trial review in the Pending Proceedings, which was brought against the company last year by a group of minority shareholders, has been scheduled for 18th September, 2014 in the High Court. TCL had previously issued a Notice to Shareholders in relation to the Injunction obtained in that matter by the said group of minority shareholders. That Injunction, granted on 12th July, 2013, is still in force and as a result, the company has not been able to hold its Annual Meeting in 2013, nor schedule one for 2014,” TCL stated.