PeterLabs seeks court order to halt EGM aimed at board shake-up
In a filing with Bursa Malaysia, the company said the legal action is intended to block their bid to call for an extraordinary general meeting (EGM), which seeks to remove existing board members and appoint new ones.
PeterLabs said it has commenced legal proceedings in the Seremban High Court to declare the May 15 requisition notice invalid, arguing that it is not in the best interest of the company.
It has also filed for an interlocutory injunction to restrain Bu and Lin from convening or conducting the proposed EGM, pending a final court ruling.
The requisition was submitted under the Companies Act 2016, accompanied by special resolutions to alter the composition of the board.
The group said its board, after obtaining legal advice, resolved not to convene the EGM, stating the proposed resolutions were not aligned with the interests of the company or its stakeholders.
Yesterday, PeterLabs announced that the group and its subsidiary Thye On Tong Trading Sdn Bhd had initiated legal proceedings against Lin and suspended executive director Datuk Loh Saw Foong.
This follows earlier disclosures made on May 13 and May 26, 2025, regarding Loh's suspension over alleged breaches of fiduciary duty. The group is seeking various declaratory reliefs and damages as part of the legal action.
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