Minority shareholder seeks SEC intervention: Controversy Over MTD Walkers AGM
Posted on January 6th, 2021

By Anjali Caldera

MTD Walkers PLC’s second largest minority shareholder Udaya Thuduwewatte accused MTD Walkers Malaysian ownership of conducting their Annual General Meeting (AGM) online yesterday illegally, with no notice being issued to its minor shareholders.

In a letter drafted to the Securities and Exchange Commission (SEC) Sri Lanka, Director General, Thuduwewatte, also the third largest shareholder of the company, complained, that he and many other minority shareholders were not informed of nor was a Zoom link sent to them to connect to the meeting.  

I am a Minority share holder who was present   at the virtual meeting 

I loudly protested that nothing could be heard during the meeting where I had the intention to exercise my rights to seek answers about the future of the company

I wanted to raise issues about the fact that findings of Special Audit initiated by SEC currently underway can affect the approval status of the annual report of the company 

But I was not able to raise any issue due to shutting down  of sound system which think is malicious act by the majority shareholders   

It looks liked that the owners and the board Secretary has been in-violation of rights of the share holders as per SEC rules

I strongly suggest to urge Malaysian owners to hold a proper AGM in order to clarify the situation of the company

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