By mutual agreement, the Association for the Protection of the Interests of Individual Investors on the Stock Exchange (TEBÉSZ) has concluded its two lawsuits against Delta Technologies. The association and the company jointly applied for the dismissal of the lawsuits brought both against certain resolutions of the general meeting of the listed company held on 1 October 2019 and against the company's resolutions of 30 April and 7 May 2020, adopted by the board of directors with the power to annul the resolutions adopted by the general meeting, which were approved by the court.
Delta Technologies Plc. and the Association of Individual Investors of the Stock Exchange have reached an agreement under which the parties jointly requested the termination of two court proceedings against the listed company.
The general meeting of Delta Technologies Plc held on 1 October 2019 approved the transaction for the acquisition of Delta Systems Ltd - the first lawsuit filed was to annul certain resolutions adopted there. The second lawsuit in chronological order challenged the resolutions of Delta Technologies Plc of 30 April and 7 May 2020, which were adopted by the company's board of directors under the authority of the general meeting in view of the emergency caused by the coronavirus. In the view of the listed company, those resolutions complied with the general rules applicable to public limited companies and with the special rules applicable to public limited companies in the light of the epidemic.
The court has now, by orders which have become final after the expiry of the time limit for appeal, terminated these proceedings at the joint request of the parties.
