Mara filed an originating summons against six directors of Med-Bumikar and the company to challenge the appointment of two new directors.

As at press time, Mara said in a statement that it contended that the appointment of the two directors –Mohd Ridzuan Abdul Halim and Sharifuddin Shoib – was through a circular resolution and not through a properly convened board meeting.

“Both of them have no shareholdings in Med-Bumikar and have not received the consent of the shareholders representing more than 50 pe cent of the votes of Med-Bumikar to be appointed as directors of Med-Bumikar.

“Mara had also previously issued a letter to both Mohd Ridzuan and Sharifuddin to raise its objection against their appointment,” the government agency said.

Mara further said that it had in early March sought to appoint two directors to Med-Bumikar, but the board refused to convene an extraordinary general meeting (EGM).

The two that Mara had proposed to be appointed to the board of Med-Bumikar were Muhamad Zaki Jali and Wong Fay Lee.

Zaki represents Mara while Wong is a nominee of the Wong family that has more than 11.5 per cent in Med-Bumikar.

Med-Bumikar has seven shareholders, holding a 29 per cent stake. The remaining stakes in the private company are held by six founding families. Of these, the Wong and Looi families have thrown their support behind Mara for the sale of Medi-Bumikar’s 50.07 per cent stake in MBM Resources to UMW Holdings Bhd.

UMW has offered Med-Bumikar 2.56 ringgit per MBM share, which has not gone down well with all the shareholders of the private company.