A substantial shareholder of Elife's (HKG:0223) said shareholders' interests will be damaged if the directors appointed following its nomination are removed.
China Innovation Investment said the directors' removal would undermine original its intentions in investing in the company as well as contradict the mutual understanding between the company and itself under the subscription agreement, a Monday Hong Kong bourse filing said.
The company had received a notice on Oct. 25, from certain minority shareholders proposing to convene an extraordinary general meeting for the removal of certain directors and appointment of certain others.
Elife is seeking professional advice regarding the matter.
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