HYBE, a big company in entertainment, wants to have a fast meeting with its shareholders. But they need permission from the court first. It’s like a big story happening in court, and everyone is curious about what will happen next. This decision could really change things for HYBE and affect what happens in entertainment.
HYBE’s Petition For Interim Shareholders’ Meeting Under Review
The court hearing was held in response to HYBE’s request for authorization to call a temporary shareholders’ meeting. In just thirty minutes, the court hearing on HYBE’s request to call a temporary shareholders’ meeting came to an abrupt end.
The Seoul Western District Court’s Civil Department 21 met in the afternoon of April 30 to discuss HYBE’s request to call an emergency shareholders’ meeting in order to remove CEO Min Hee Jin. In accordance with non-litigation procedure laws, the proceedings were held in private.
According to K-Media Min Hee Jin requested to change the date for the general shareholders' meeting hearing with Hybe but the court rejected her request.
Hybe aims to hold a shareholders' meeting to approve the dismissal of CEO Min Hee Jin.
According to legal circles, Min's… pic.twitter.com/HXcY9Et8OR
— paula⁷ (@sugatheartist) April 30, 2024
Attorneys from Shin & Kim Law Firm representing ADOR and legal representatives from Kim & Jang Law Firm representing HYBE both attended the hearing. “The board of directors will convene by May 10, with the shareholders’ meeting expected to follow by the end of May,” said Shin & Kim’s attorney after the hearing. “Any further statements will be made to the court by May 13,” the attorney continued.
“We have to wait and see if it will be done like that,” said Jung Jin Soo, Chief Legal Officer (CLO) of HYBE. “Since it was stated in court, I don’t think it’s a lie.”
In reference to the agenda for the shareholders’ meeting, Jung continued, “It’s not significantly different from what we thought. We don’t know ADOR’s intentions. We need to watch a bit.”
According to HYBE’s position, the problems brought up by the petitioner (HYBE) will be handled in the manner that the opposing party (ADOR) has described them today. Invoking their audit powers, ADOR CEO Min Hee Jin and other top executives sought a takeover, according to HYBE’s assessment on April 22.
They then went to the Seoul Yongsan Police Station on the 29th and lodged an embezzlement charge against CEO Min Hee Jin. CEO Min Hee Jin denied the accusations and urged fairness in an urgent press conference that same day.
Check out a few more updates that have recently come in:
