Min Hee-jin applies for provisional injunction for re-election as CEO of Odor "Hive, Rational Judgment for New Jeans"
Sep 13, 2024
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Min Hee-jin, former CEO of DoorDoor, issued a statement on the 13th, saying, `Today, former CEO Min Hee-jin filed an application for provisional injunction for convening an extraordinary shareholders' meeting and re-election of DoorDoor's executive director to the Seoul Central District Court.'
Min Hee-jin said, `The dismissal of former CEO Min Hee-jin violates the contract between shareholders and goes against the court's decision to ban the exercise of voting rights. Therefore, we have been preparing for a provisional injunction to dispute the effectiveness of the dismissal of the CEO"However, considering the need for an extraordinary general meeting of shareholders to re-elect the director before November 2, 2024, and the period of the court's provisional hearing, the former CEO Min Hee-jin was reappointed as the director of the company and then appointed as the CEO.", he explained.
Adore said "Former CEO Min Hee-jin is guaranteed a five-year term as CEO and executive director of Adore under an inter-shareholder contract. Although this fact has already been clearly recognized as a decision to ban the exercise of voting rights by the Seoul Central District Court, Hive unilaterally dismissed former CEO Min Hee-jin from the CEO for the same reason as before. This is a direct violation of the court's provisional injunction decision to ensure a still valid shareholder agreement and the term of the CEO."
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Adore held a board meeting on the 27th of last month and resigned Min Hee-jin and appointed Kim Joo-young, an inside director, as a senior CEO. Although Odor said Min Hee-jin will also take charge of the in-house directorship and producing New Jeans, Min Hee-jin protested that the board's decision was procedurally problematic, and the decision to dismiss the CEO was a violation of the contract between shareholders and an illegal decision that ignored the court's decision. In response, Newzins also issued an ultimatum to Hive on the 11th, asking him to return Min Hee-jin within two weeks after turning on an emergency live broadcast.
▶Next, Min Hee-jin's position full text
Hello.
It is a Markol Consulting Group that is in charge of media communication with Sejong, a law firm that represents Min Hee-jin, former CEO of Audor.
Today, former CEO Min Hee-jin filed an application for provisional injunction for convening an extraordinary general meeting of shareholders and re-appointment of the inside director of Adore at the Seoul Central District Court. (Disposition, including exercise of voting rights 2024 Kahab 21391 at the Seoul Central District Court). The following is an explanation of why he applied for the appointment of a director and an injunction for the appointment of a CEO without a provisional injunction for suspension of effect after the dismissal of the CEO.
The dismissal of former CEO Min Hee-jin is a violation of the inter-shareholder contract and is contrary to the court's decision to ban the exercise of voting rights. Therefore, we have been preparing for a provisional injunction to dispute the effectiveness of the dismissal of the CEO. However, considering the need for an extraordinary general meeting of shareholders to re-elect the director before November 2, 2024, and the court's provisional hearing period, former CEO Min Hee-jin was reappointed as the director of Adore and then appointed as the CEO.
Former CEO Min Hee-jin is guaranteed a five-year term as CEO and in-house director of Adore under an inter-shareholder contract. Although this fact has already been clearly recognized as a decision to ban the exercise of voting rights by the Seoul Central District Court, Hive unilaterally dismissed former CEO Min Hee-jin from the CEO's position for the same reason as before. This is a direct violation of the court's injunction decision to ensure a still valid shareholder agreement and CEO term.
On November 2, 2024, former CEO Min Hee-jin's three-year term as an in-house director of Door expires. Hive is unilaterally claiming that the shareholder contract was terminated without any grounds with less than two months left before former CEO Min Hee-jin's term as an in-house director. Under these circumstances, it is obvious that Hive will not re-elect former CEO Min Hee-jin as an in-house director.
Inevitably, a provisional injunction was filed to convene an extraordinary general meeting of shareholders before the term of office of former CEO Min Hee-jin expired and to exercise voting rights in favor of the re-appointment of Min Hee-jin as an inside director.
Hive wants to stop continuing breach of contract, obstruction of business, defamation and insults, and make reasonable management decisions for the future of Odor and Newgins.
Thank you.
wjlee@sportschosun.com
