4 Oct 2013
NEWGLAD INVESTMENTS LTD v. WORLD SYSTEM INTERNATIONAL LTD
- Citation
- NEWGLAD INVESTMENTS LTD v. WORLD SYSTEM INTERNATIONAL LTD
- Court
- Court of First Instance
- Case number
- HCMP2405/2013
The court held that the statutory criteria were satisfied: the ultimate owners were aware and not prejudiced, the defaults were inadvertent, and there was credible evidence of future compliance (engagement of professionals and disclosure to HKSE); accordingly the court exercised its discretion to order each company to call a general meeting within 28 days and to extend the time for audited accounts to be laid before those meetings, subject to the Applicants' undertaking to disclose the orders and reasons to the HKSE and in any prospectus.