The Securities and Exchange Commission (SEC) yesterday ordered Inter Far Energy Corporation Plc (IFEC) to hold an urgent shareholders' meeting to fill vacant positions in the company's board of directors for the sake of shareholders.
The market regulator exercised its authority under Section 58 of the SEC Act 1992 to allow IFEC and its directors to inform the SEC about the process of setting up a shareholders' meeting.
The process should be publicly registered with the Stock Exchange of Thailand (SET) within seven days or by March 22.
The SEC order follows IFEC's announcement to the SET on Wednesday that three executives had resigned from their positions.
Piyapong Wongsuwatana resigned as a director and from the audit committee, as did Peerathuch Sukapong.
Chainat Yatshimplee also stepped down as a director.
The Civil Court yesterday dismissed a resolution of the annual general meeting of shareholders, which was held on May 2, 2017.
The ruling led to the removal of Teetiphan Theppadungporn as a director of the company.
IFEC's audit committee recently called for the SEC to intervene in executive board elections, saying too many board members had resigned and the remaining members could not sign off on the company's internal audit.
The announcement came after the audit committee found that IFEC was unable to provide any further information during the audit process.
The root of the problem is a years-long dispute between 30,000 IFEC shareholders and former chairman Wichai Thavornwattanayong.
