Bangkok -- Five subsidiaries of Thai conglomerate IRPC Plc, including Thai Polyurethane Industry Co. Ltd, have asked the Central Administrative Court of Thailand for a change in director lists, according to reports in Thai media.
The companies objected to a recent court ruling, which permits the ousted founder of the group, Prachai Leophairatana, to regain power of the companies. Several unions are worried Prachai will bring harm to their companies, according to 17 Feb news reports.
Thai media later said that Prachai had once again lost management rights to three of the subsidiaries, after the Thai Business Development Department accepted the registration of a new directorship. However, Prachai still has administrative authority over Polyurethane Thai Industry and IRPC Energy, according to the media.
A 20 Feb news report said IRPC Plc has called for a meeting for shareholders of all five subsidiaries on 29 Feb to consider the appointment and dismissal of directors. It is expected that this meeting will bring to a close the ongoing legal issues regarding Prachai.