A SHAREHOLDER of Jentayu Sustainables Bhd (formerly Ipmuda Bhd) has called for the company’s upcoming extraordinary general meeting (EGM) scheduled for tomorrow (Dec 4) to be deferred in view of the filing of a lawsuit challenging legality of the meeting and several proposed corporate exercises.
Andy Lai Wee Young who holds 1.36 million Jentayu shares has apparently filed an originating summons (OS) and an injunction application on Nov 28 seeking to restrain the company from convening or acting upon any resolutions that may be passed via the “postponed” EGM.
The High Court has fixed hearing of the injunction application this Friday (Dec 5), according to Lai’s solicitors Mak LK & Co.
“Court documents show that Lai is disputing the validity of the company’s decision to postpone the EGM from its original date of Oct 22 to Dec 4,” the solicitor pointed out in a media statement.
“According to filings, the company’s Constitution – particularly Articles 70 and 71 – does not confer its board of directors with any authority to postpone an EGM once notice has been issued.”
Added Mak LK & Co: “Instead, any adjournment can only occur after the meeting has convened and only with the consent of shareholders present. As no meeting took place on Oct 22, Lai argues that no lawful adjournment could have occurred, thus rendering the new meeting date invalid.”
Proxy, regulatory issues raised
Lai’s affidavit also highlighted discrepancies between the proxy form for the original EGM and the record of depositors (ROD) date used for the rescheduled meeting.
The earlier proxy form issued with the Sept 3 notice referred to an ROD date of Oct 16 while the purportedly postponed EGM has adopted a different ROD date (Nov 27) which led Lai to argue that this “puts the company at risk of breaching Bursa Malaysia’s Listing Requirements”.
The displeased shareholder further contended that Jentayu failed to clarify whether mandatory inspection documents as stipulated in the shareholder circular remain available to shareholders until the new meeting date.
“This may also constitute non-compliance with Bursa’s guidelines,” asserted his solicitors.
Failure to announce litigation to Bursa
Additionally, Lai has criticised Jentayu for not announcing the litigation to Bursa Malaysia despite the material nature of the court action.
As Paragraph 9.03 of the Bursa Listing Requirements mandates timely disclosure of material litigation, Lai maintained that shareholders and the market should have been informed once the suit was filed and case management took place.
The OS also seeks to invalidate any resolutions to be passed during tomorrow’s (Dec 4) EGM, should it proceed. These include:
- A proposed private placement of up to 20% of the company’s issued shares,
- A proposed acquisition of equity in Jentayu Solar Sdn Bhd, and
- A proposed variation in the utilisation of proceeds from the 2022 rights issue.
At 11.51am, Jentayu which is transitioning from trading and distribution of building materials to focusing on renewable energy development was untraded at 29 sen which gave the company a market capitalisation of RM132 mil. – Dec 3, 2025
