Cellivery, Injunction to Suspend Director Duties Dismissed... CEO Cho Dae-woong Retains Director Position
Cellivery announced on the 13th that the provisional injunction request to suspend the execution of directors' duties filed by the shareholder coalition was dismissed.
On the 1st of last month, the Cellivery shareholder coalition filed a lawsuit at the Seoul Western District Court to suspend the execution of duties of CEO Cho Dae-woong and a former vice president. They also requested the appointment of some creditors as acting CEO and inside director during this period.
In response, the 21st Civil Division of the Seoul Western District Court ruled, "The provisional injunction request to suspend the execution of directors' duties against the CEO, former vice president, and other debtors is dismissed in full due to failure to meet procedural requirements."
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Cellivery's trading was suspended after receiving a disclaimer of opinion in last year's business report audit due to limitations in audit scope and uncertainties regarding the company's ability to continue as a going concern. Subsequently, the company submitted an objection to the delisting and was granted an improvement period until April next year. As part of measures to resume trading, the company had implemented salary cuts for its executives and employees.
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