Temporary General Meeting and Injunction Request for Reappointment of Inside Directors
"Unilateral Dismissal Violates Shareholders' Agreement and Court Decision"
"Hope for Rational Judgment for the Future of Adoe and NewJeans"
Former CEO Min Hee-jin of ADOR has begun taking action by filing a provisional injunction for reappointment as an inside director.
On the 13th, Min’s side announced through an official statement, "We have filed a 'provisional injunction for convening an extraordinary general meeting of ADOR shareholders and reappointing Min Hee-jin as an inside director of ADOR' at the Seoul Central District Court." They began by explaining, "We will clarify why we applied for an injunction for the appointment of a director and CEO instead of a suspension of effectiveness injunction after the dismissal of the CEO," adding, "The dismissal of former CEO Min violates the shareholders’ agreement and goes against the court’s injunction prohibiting the exercise of voting rights. Therefore, we have been preparing a provisional injunction challenging the effectiveness of the CEO dismissal."
Min’s side further explained, "Considering the need for an extraordinary general meeting to reappoint ADOR’s director by November 2 and the court’s provisional injunction review period, we filed the injunction to have Min reappointed as ADOR’s director and then appointed as CEO."
They also stated, "Min’s five-year term as ADOR’s CEO and inside director is guaranteed by the shareholders’ agreement. Although this fact has already been clearly recognized by the Seoul Central District Court’s injunction prohibiting the exercise of voting rights, HYBE unilaterally dismissed Min from the CEO position for the same reasons as before," pointing out, "This is a direct violation of the court’s provisional injunction order that still requires the shareholders’ agreement and CEO term to be honored."
Additionally, they said, "Min’s three-year term as ADOR’s inside director will expire on November 2. HYBE is unilaterally claiming without any grounds that the shareholders’ agreement has been terminated, even though less than two months remain in Min’s inside director term," and added, "In this situation, it is obvious that HYBE will not reappoint Min as an inside director." They continued, "Therefore, we have inevitably filed a provisional injunction to convene an extraordinary general meeting before Min’s inside director term expires and exercise voting rights in favor of 'the reappointment of inside director Min Hee-jin.'" Finally, they added, "We hope HYBE will stop its continuous contract violations, obstruction of business, defamation, and insults, and make reasonable management decisions for the future of ADOR and NewJeans."
Meanwhile, HYBE has been in ongoing conflict with former CEO Min since raising allegations of breach of trust against her in April. Min was dismissed from the CEO position of ADOR on the 27th of last month, and Kim Ju-young, an inside director of ADOR, was appointed as the new CEO. In response, NewJeans members expressed through a YouTube live broadcast on the 11th, "We have experienced countless unfair situations," and requested, "Please reinstate Min Hee-jin as ADOR’s CEO by the 25th."
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