You are a Chartered Secretary in private practice. Mahidin is a shareholder in SelVAc Bhd (SelVac), a company listed on the Kuala Lumpur Stock Exchange (KLSE). Mr Mahidin tells you that he and many other shareholders of SelVac, who hold between them 7% of the issued share capital, are unhappy with the way the company is being run and wish to put forward some proposals of their own for consideration. Mr Mahidin asks you to prepare a report giving your professional advice on the following:

(a) How can shareholders of a company? (i) assert their rights by requisitioning a general meeting and (ii) conduct vote on poll or a vote by proxy on poll in the next General Meeting (AGM) of SelVac? With regards to this advice Mr Mahidin would like to know the applicable statutory procedures and timescales, what documents would need to be produced and in what format, any related costs, and what information would be circulated and disclosed. 

(b) Once the general meeting/AGM has been held, how will Mr Mahidin and his associates know the result of their proposed resolution? What steps are available to Mr Mahidin and his associates if they are not satisfied with the way any vote at a general meeting/AGM has been carried out? 

Answer rating: 100% (QA)

a i shareholders possess to requisition shareholder meetings and force votes on topics of their choosing In July 2002 an institutional investor in British Land Laxey Partners actually forced a vote at ... View the full answer