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28 October 2014
In October 2014, four persons each being the director of one or more of the following companies, namely, ASIATIC CENTURY LIMITED, BEST SEASON CORPORATION LIMITED, CHEERFUL RAISE LIMITED, CLUB KINGDOM THE CENTRAL GROUP LIMITED, DRAGON PRAISE LIMITED, EASE GOAL MANAGEMENT LIMITED, EASY LARGE LIMITED, HONOR LEGEND LIMITED, JOYFUL GREEN LIMITED, JOYFUL MERCY LIMITED and OCEAN AMPLE INVESTMENT LIMITED were prosecuted by the Companies Registry and convicted at the Eastern Magistrates’ Courts under section 111 of the predecessor Companies Ordinance (i.e. the Companies Ordinance, Cap.32, as in force before the commencement of the Companies Ordinance, Cap. 622) for failing to convene the first or the 2011 or the 2012 annual general meetings of the companies (“AGMs”).
The 4 directors were also prosecuted and convicted under section 122 of the predecessor Companies Ordinance for failing to take all reasonable steps to lay before the companies at their respective AGMs, profit and loss accounts and balance sheets for the periods since incorporation / since the preceding accounts made up to a date falling not more than 9 months before the relevant date of the AGM.
The Court imposed a fine of $4,000 for each charge of failure to hold the 1st AGM or the 2011 AGM, a fine of $6,000 for each charge of failure to hold the 2012 AGM, a fine of $10,000 for each charge of failure to lay accounts at the 1st AGM or the 2011 AGM and a fine of $12,000 for each charge of failure to lay accounts at the 2012 AGM. A total fine of $576,000 was imposed by the Court on the 4 directors.
