The court upheld only the introduction of the cumulative voting system among the resolutions of the temporary shareholders' meeting of Korea Zinc, while suspending the effectiveness of all other agenda resolutions. As a result, the voting rights of Youngpoong, which had been restricted at the temporary shareholders' meeting, have been restored.
On the 23rd, the day of the Korea Zinc extraordinary general meeting of shareholders, Korea Zinc shareholders are lining up to enter the shareholders' meeting hall at the Grand Hyatt Seoul in Jung-gu, Seoul. Photo by Jo Yong-jun
On the 7th, the Civil Division 50 of the Seoul Central District Court (Chief Judge Kim Sang-hoon) partially granted the injunction request filed by Youngpoong and MBK to suspend the effectiveness of the resolutions of the Korea Zinc temporary shareholders' meeting. The court ruled that Korea Zinc's restriction of Youngpoong's voting rights was improper.
Accordingly, among the agenda items approved at the temporary shareholders' meeting in January, all except the introduction of the cumulative voting system (1-1) have lost their effectiveness: setting a cap on the number of directors (1-2), stock split (1-4), appointment of an outside director as chairman of the board (1-6), change of dividend record date (1-7), and introduction of quarterly dividends (1-8).
Earlier, on January 31, Youngpoong and MBK filed an injunction, claiming that it was unfair for Chairman Choi Yoon-beom of Korea Zinc to hold the temporary shareholders' meeting and pass the agenda while restricting Youngpoong's voting rights.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
