Years ago, former IFEC chairman Wichai Thavornwattanayong had filed a lawsuit against the company’s major shareholder, Thavich Taychanavakul, in an attempt to usurp managerial control. The case ended when new major shareholders joined with individual investors to take over the company.
Investors urged the firm to recover its business so they could trade the company’s stocks again. However, the company allegedly failed to appoint an auditor team for submitting financial statements since 2017.
If the company does not take appropriate action, it reportedly faces removal from the stock market on April 30 this year.
Individual investors cannot call for a shareholders’ meeting because a court will consider the company’s rehabilitation plan on April 21.
Published : April 20, 2020
By : The Nation