Sino Clean Energy Shareholders Petition The Business Court Of Nevada On NRS 78.345
HENDERSON, Nev., Oct. 25, 2013 /PRNewswire/ -- Alain Peracca and the group of investors who filed with the SEC a 13D for Sino Clean Energy (SCEI.OB) are pleased to announce that they have been notified by one of the shareholders heading up the effort that Shareholders of Sino Clean Energy filed today a petition in the state of Nevada under NRS 78.345 to compel the company to fulfill its fiduciary duty to its shareholders and host an Annual Shareholder Meeting and a vote of directors.
Below is an excerpt from Nevada Law:
NRS 78.345 Election of directors by order of court upon failure of regular election.
- If any corporation fails to elect directors within 18 months after the last election of directors required by NRS 78.330 , the district court has jurisdiction in equity, upon application of any one or more stockholders holding stock entitling them to exercise at least 15 percent of the voting power, to order the election of directors in the manner required by NRS 78.330 .
The Company's last regular Annual Shareholders Meeting and election of Directors occurred on November 11, 2011.
In fact they mentioned that they collected more than the 15% of the voting power needed for filing such a petition.We do hope that this filing will convince Management and the Board of SCEI to reconnect with their shareholders. We are trying one more time to establish communication with them by sending them a letter requesting updates on key Business issues and making suggestions for changes. We will inform all shareholders of the answers we get. This shareholder meeting could provide them an opportunity to reconnect with all shareholders, we hope they will use it as a way to do so.
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