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The court's decision to cancel the unilateral separation of the opposition company of the Korean Industrial Property Bank and the Metal Workers' Union
According to the trade union organization, on October 40, the 40th Human Rights Chamber of the Seoul High Court ruled that the Korean Development Bank (KDB) had filed a petition for suspension of the proceedings. general meeting of shareholders filed against the company.
The court ruled that GM Korea was not following normal procedures during the decision-making process. North Korea, without the Korea Development Bank, the world's second largest shareholder, held an extraordinary general meeting on March 19 and decided to approve the divided plan. The plan included the creation of a new company called GM Technical Center Korea, which will carry out research and development later this year.
However, GM's articles of incorporation of Korea state that the reorganization of a company, such as absorption, merger or creation, must be the subject of a special resolution. More than 85% of the total number of common shares must be approved for approval. Participation in the Korean Development Bank is 17%.
The court said: "The split company in this case is a new company that transfers some of the debtor's rights and obligations, which is the subject of a special resolution requiring 85% or more of the number total common shares pursuant to GM's bylaws, the resolution, which failed to secure more than 1.3 million votes, constitutes a serious violation of the Articles. "
The court ruled that "GM Korea stops accepting a split plan at its shareholders' meeting last month". According to the court decision, the registration of the new company, which GM Korea was pursuing on the 3rd of next month, was temporarily suspended. "We will continue to separate the company and look at all possible calls," said GM Korea.
Yang Wam [email protected]
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