25 Sept 2013
LI XIAO YUN AND ANOTHER v. CHINA GAS HOLDINGS LTD
- Citation
- LI XIAO YUN AND ANOTHER v. CHINA GAS HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCCL18/2011
Court held that options were granted to plaintiffs in their capacity as directors and that they remained Eligible Persons when they exercised on 24 March 2011; clause 8(g) did not cause lapse prior to exercise; Restriction 9 constituted a material amendment not validly approved and was therefore ineffective; Circular 78 applied to plaintiffs as PRC domestic individuals, plaintiffs had not established SAFE approval and under clause 15.07 and bye‑law 12(1) the Board was entitled to refuse to issue shares; accordingly plaintiffs' claims were dismissed.