The Ministry of Economic Affairs on Thursday asked Tatung Co (大同) to submit the minutes of a controversial shareholders’ meeting within five days as a dispute over the legality of its board election on Tuesday raged on.
Tatung has applied to the ministry to register its new board members, but the ministry cannot decide whether to approve it, as the company did not provide the minutes of the meeting, Department of Commerce Director-General May Lee (李鎂) told the Taipei Times by telephone.
The ministry on Thursday told Tatung to submit supplementary documents within five days or the ministry would return its application, Lee said.
Tatung could apply again, but it is supposed to complete the registration within 15 days after the board election, she said.
Shanyuan Group (三圓建設) chairman Wang Kuang-hsiang (王光祥), who leads a group of minority shareholders, on Thursday urged the ministry not to approve Tatung’s application, saying the company breached the rights of 27 shareholders by depriving them of their voting rights.
Given the controversy over the board election, the ministry would ask for the opinions of Tatung’s management, minority shareholders and other governing agencies, such as the Financial Supervisory Commission, Lee said.
If the ministry decides not to approve Tatung’s registration list, it would order the company to hold another election, she said.
If Tatung refuses to do so within a given period, its board of directors shall be discharged as their term has exceeded three years, according to Article 195 of the Company Act (公司法), Lee said.
“We will address the matter cautiously, as some issues are unprecedented, such as the company canceling the voting rights of dozens of shareholders who together own more than a 50 percent stake,” Lee said.
While Wang’s lawyer, Chuang Cheng (莊正), on Tuesday said that shareholders would apply to the ministry to hold a special shareholders’ meeting to defend their rights, Lee said the ministry has not received their application.
Three of Tatung’s shareholders, which also are subsidiaries of Shanyuan Group, applied to the ministry to hold a special meeting to elect new board members as they did not agree with the firm’s decision not to distribute any cash dividend, but the ministry rejected their application, saying it was not necessary, Lee said.
“This time, we will review the case more thoroughly,” she said.
“While Tatung claimed some shareholders used money from other Chinese investors to buy Tatung shares, no shareholder would admit that,” Lee said.
If shareholders holding a combined 50 percent stake for more than three months plan to hold a special meeting, they could convene a meeting without the ministry’s approval, she added.
UNSTABLE? Downplaying geopolitical concerns, Mark Liu said that Taiwan can help usher in a bright, new era for the chip industry with its tech and manufacturing skills There are probably not many people who believe that Taiwan is unstable because of geopolitical factors, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman Mark Liu (劉德音) said yesterday in Taipei in response to comments by Intel’s top executive. Intel CEO Pat Gelsinger on Wednesday told the Fortune Brainstorm Tech summit in California that the US government should support a sustainable semiconductor supply chain in the US, in part because “Taiwan is not a stable place.” With China sending 27 military warplanes into Taiwan’s air defense identification zone on Sunday, Gelsinger asked: Does that “make you more comfortable or less if you’re now
Toyota Motor Corp is to launch an all-electric small sedan in China late next year, having turned to local partner BYD Co (比亞迪) for key technology to finally make an affordable yet roomy runaround, four sources said. Two of the four people with knowledge of the matter described the car as an electric holy grail for Toyota, which has struggled for years to come up with a small electric vehicle (EV) that is competitive on cost in China and does not compromise on comfort. The sources said the breakthrough was chiefly down to BYD’s less bulky lithium-iron-phosphate (LFP) Blade batteries and its
Danish wind turbine maker Vestas A/S yesterday said it has invested NT$1 billion (US$36.07 million) in its local supply chain to supply components for its 9.5 megawatt (MW) V174 turbine. The project has helped created 1,500 jobs, including 150 jobs by Vestas itself, Vestas country manager Alex Robertson said. The turbine is to be used in four offshore wind farm projects for a total of 123 wind turbine generators, or 1.2 gigawatts (GW) of total capacity, he said. “This is localization like I’ve never seen before,” Robertson told a media briefing in Taipei. Vestas highlighted 10 Taiwanese supply chain partners that are
Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and integrated circuit designer MediaTek Inc (聯發科) are optimistic about the “metaverse” concept, expecting it to create major opportunities for the semiconductor industry. At a tech forum last week to commemorate former finance minister K.T. Lee (李國鼎), who has been dubbed the father of Taiwan’s economic miracle and who helped build Taiwan’s semiconductor sector in the second half of the 20th century, TSMC chairman Mark Liu (劉德音) said he expects the metaverse to grow quickly in the next decade. Over the next 10 years, data computing power and transmission speeds are forecast to increase