2024-05-10 07:00:59
When the general meeting is held, the procedure for dismissing Representative Min is
Representative Min, variable in application for injunction against exercising voting rights filed against Hive
ADOR, a subsidiary of the group ‘New Jeans’, decided to hold an extraordinary general meeting of shareholders (general meeting) at its board of directors.
Adore announced on the 10th, “On this day, the board of directors resolved to hold an extraordinary general meeting of shareholders on the 31st with all members, including auditors, attending.”
Adore’s board of directors is comprised of the ‘Min Hee-jin Division’, including CEO Min Hee-jin, Vice President (VP) Shin, and Senior Creative Director Kim.
At the board meeting that day, which ended in about 10 minutes, the board of directors decided on Lim Chong’s agenda based on the content requested by Adore’s parent company, HYBE. Hive, which owns 80% of Adore’s shares, requested the dismissal of CEO Min at the general meeting. Since Hive holds a majority stake, dismissal is certain.
However, Representative Min filed a request for a provisional disposition to prohibit the exercise of voting rights against Hive, stating that voting rights in favor of the dismissal agenda should not be exercised. The hearing date for the provisional injunction application will be held at the Seoul Central District Court on the 17th.
Representative Min’s side is claiming that “Hive has requested to convene an extraordinary shareholders’ meeting in response to the motion to dismiss Representative Min, which is in violation of the shareholder agreement signed with CEO Min Hee-jin.” “We are of the position that Hive’s claim of breach of trust is absurd, and in order to protect Adore’s artists and Adore’s corporate value, we have filed an application for an injunction to prohibit the exercise of voting rights.”
Accordingly, the court’s decision on the application for provisional injunction filed by Representative Min is expected to be a watershed in this situation. If the court accepts CEO Min’s request for a preliminary injunction, Hive’s plan to fire CEO Min and stabilize Adore in its own way will face a wall. If the injunction request is denied, Hive can replace Adore’s management.
Ahead of the legal battle, nerves between both sides are reaching their peak. Adore claimed that the Hive audit team had excessively audited Adore’s style directing team leader the previous day.
Adore said, “The audit lasted for over 5 hours, until past midnight on May 9, and eventually followed the member who was working within the company to his home and demanded not only a laptop but also a personal cell phone that did not belong to the company. “We conducted an audit that went beyond the scope of our duties,” he protested. He said that he was considering suing Hive for obstruction of business and coercion, saying that he abused his authority as an auditor and committed an unreasonable act that put psychological pressure on the members of the Adobe.
Meanwhile, regardless of this incident, New Jeans’ comeback is taking place as scheduled. New Jeans released the music video for their new song ‘Bubblegum’ on the 27th of last month. CEO Min continues to post related posts on his social media, including the Japanese single that New Genes will release next month.
[서울=뉴시스]
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2024-05-10 07:00:59