Bloomtech Ltd (Bloomtech) is one of the top software development companies in australia. However recently it has
Question:
Bloomtech Ltd (Bloomtech) is one of the top software development companies in australia. However recently it has lost a number of its key clients to its competitors and consequently ha sbeen having finaincial difficulties. it has approximately 3000 shareholders holding approximately 200,000 shares. omnibus super Ltd a well known super funds company in country owns 20% shares in bloomtech. Charles stuart OAM has ss been managing director of bloomtech for many years. although he holds just 5% shares in teh company he exerts tremendous influence as the founding director of the company. Omnibus considers that part of the problems of bloomtech comes from Charles directorial role on the board and failure to correctly assess the risks and opportunities for the company. Omnibus wishes to remove charles from the board and replace him with their nominee, Rooney Murphy. Omnibus has approached one of the board memebrs Alia Khan and requested her to raise this issue at the next oard meeting. however in the board meeting Charles uses his influence to ensure that no resolution is passed to hold a meeting.
Advise omnibus with a full explanation of what rights they have under the corporations act 2001 to ensure that a meeting can take place to remove charles from the board.
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr