Earlier on 17 April 2018, the SEC filed a criminal complaint against five former POLAR directors, namely, (1) Mr. Yannakorn Warakunrak, (2) Mr. Poonsak Chumchuay, (3) Mr. Asa Ninnad, (4) Mr. Thakorn Taweesri and (5) Mr. Danuj Bunnag. As a result, they were deemed to have untrustworthy characteristics to become company directors or executives and were banned from serving as directors or executives of listed companies in Thailand for the duration of the legal proceedings. Meanwhile, the managerial authority over POLAR’s assets was transferred to the receiver of the Legal Execution Department after the Central Bankruptcy Court had ordered POLAR to be placed under absolute receivership. The  receiver then decided that the five directors were no longer qualified as company directors and could not act on behalf of POLAR in any operation of the company.

Later, the SEC was informed that a group of POLAR shareholders jointly exercised their rights under Section 100 of the Public Limited Companies Act B.E.2535 (1992) to call an extraordinary general meeting in order to elect new directors. The SEC and other competent authorities  have issued guidelines to set out the procedures for shareholders to arrange an extraordinary general meeting themselves in accordance with Section 100 of the Public Limited Companies Act.

The SEC has therefore recommended that POLAR shareholders attend the extraordinary general meeting on 26 August 2018 and exercise their rights as shareholders to safeguard their own interests in accordance with the law.

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