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NWP hauled up for not getting shareholders' nod to pay directors' fees


was hauled up by the Companies Commission of Malaysia (SSM) for not getting shareholders’ approval at an AGM for the directors’ fees paid for the financial years ended Aug 31,2017 and 2018.
In a filing with Bursa Malaysia, NWP said it had on Jan 26 and Feb 8 received the summons from the CCM for the failure to obtain the approval.
“Pursuant to the summons, SSM has charged NWP for failure to obtain its shareholders’ approval at the AGM for the directors’ fees paid for the financial year ended Aug 31,2017 and 2018.
Thus, NWP is deemed to be in breach of Section 230(1)(b) of the Companies Act, 2016 and shall, on conviction, be liable to a fine not exceeding RM3mil for each charge and any payment that is paid without shareholders’ approval is a debt by the director to the company, ” it said. ....

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