SET seeks clarification from Polaris Capital following its receivership

The SET was responding to the fact that it had never been informed that the listed company was filing for bankruptcy, and that it had merely been told previously that Polaris Capital had filed a business-rehabilitation petition, which it had subsequently withdrawn.
Because receivership following the court order significantly affects the rights of shareholders, the SET has now sought information and explanations, as follows:
1. Is the company under receivership by court order? What were the board of directors’ actions prior to the court order of receivership? How did the board protect the best interests of the company and the shareholders?
2. When did the company recognise the filing for bankruptcy? Clarification is sought of the details of the prosecutor, debt and the cause of debt which was filed for bankruptcy, including whether that creditor is the same as the person who sued the company to repay the debt until Polaris Capital filed the rehabilitation petition through the court.
3. The sequence of events and the facts since the company filed for business rehabilitation through the court, the withdrawal of such petition, and the filing for bankruptcy.
4. The plan of the company after the court order of receivership. Explanation is sought of the procedure and time frame to take action in order to protect the interests of the company and shareholders.
5. The reason why the board ignored the need for disclosure of a filing for bankruptcy, as the company has duties to immediately disclose such information to the SET. This is an issue in which Polaris Capital does not comply with the SET’s regulation repeatedly, the bourse said.

Polaris Capital is required to disclose all the information requested via the SET Portal system by August 9. 
In addition, the bourse requires the company to urgently clarify information concerning the withdrawal of its business-rehabilitation petition without mentioning the reason; the cause of debt, some of the facts about which are inconsistent and disagree with information previously disclosed to the SET; and the opinions of the board to consider the liabilities occurring from the claim of damages and lack of benefits to be whole liabilities of the company, which is the cause of insolvency. 
The SET summarised the sequence of events as follows:
- May 9, 2017: Polaris Capital filed a business-rehabilitation petition through the court.
- July 7: It withdrew the rehabilitation petition.
- July 12: The court passed the order to withdraw the petition.
Furthermore, the SET said, the board and management of the listed company have duties and responsibilities to disclose significant information that affects shareholders’ benefits and investment decisions, completely, correctly and on a timely basis. 
Non-disclosure of significant information may be considered as the board and management having the intention to violate the SET’s regulations, the stock exchange added.