THURSDAY, March 28, 2024
nationthailand

NMG chairman ready to clarify

NMG chairman ready to clarify

Nation Multimedia Group (NMG) chairman is ready to provide clarifications to the Securities and Exchange Commis-sion (SEC) after the regulator said it was prepared to take action against NMG in response to complaints filed by shareholders who were not all

NMG chairman Nittimon Hastindra na Ayudhya said yesterday that his decision to ban certain new shareholders from attending the meeting was strictly in line with relevant laws, as it was to ease 
conflict between the new shareholders and the existing ones. “I acted honestly to protect the interest of all parties,” he said.
Nittimon said as per earlier reports, a group of people had together bought a large number of NMG shares with the aim of taking over the business. This, he pointed out, went against the merger and acquisition rules as they had failed to make a tender. As this was unfair to the existing shareholders, he ordered that these “questionable” shareholders not be permitted to the meeting. 
The SEC’s decision was announced yesterday, following close consultation with the Business Development Department, which monitors compliance with the public company law. The department ruled that under the law, the chairman of a meeting did not have the power to prevent shareholders from attending and voting.
In a statement, the SEC said that 
preventing shareholders deprived them of their basic rights, which could affect confidence in the capital market and listed companies’ best practices. 
“Facts are not complicated, but they involve several sections of the law and are related to the Business Development Department’s authority. We have worked closely with the department. The SEC has thoroughly taken into the consideration rules prescribed in the securities law, for fairness to all parties,” SEC chief Rapee Sucharitakul said.
If the chairman is found not complying with law, he is liable to a fine equivalent to the damage caused or no less than Bt500,000 under Article 281/2 of the securities law. Rapee added that the SEC was also looking into another complaint on the legality of NMG’s takeover attempt. 
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