Nonthaburi Court throws out IRPC case
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Nonthaburi Court has dismissed a case brought by five subsidiaries of IRPC demanding Bt250 million in compensation from the Business Development Department over its changes to the firms' directorship.
The court said the department was doing its duty when it allowed the changes to the director lists of the five subsidiaries – Thai ABS Co, IRPC Oil Co, IRPC Polyol Co, IRPC Energy Co and Thai Polyurethane Industry Co – all of which are majority-owned by IRPC.
The court also dismissed a petition filed by the five subsidiaries against the return to the IRPC board of Prachai Leophairatana.
The court said it could not accept the petition because Prachai does not live in Nonthaburi province. However, the five IRPC subsidiaries still have a case before the Central Administration Court seeking to block Prachai and his four associates from resuming managerial control at the firm.
The companies insisted that the executives’ return after the change of the director lists by the Business Development Department on February 7 was illegitimate, as directors must win shareholders’ endorsement.
Banyong Limprayoonwong, director-general of the department, insisted it had acted legitimately.
Banyong said the department approved a change in the names of authorised directors of IRPC’s subsidiaries at the request of the Finance Ministry, a major shareholder of IRPC. The ministry submitted the request late last year, resulting in a change of management control of the subsidiaries.
