Property developer FLC has failed to organize an extraordinary meeting as the number of participants at the meeting held less than 50% of the voting shares.
The company said that 103 shareholders showed up at at the meeting on Sunday but that they held only a combined 32.15% stake.
FLC is set to call another extraordinary meeting on March 5. Regulations allow it to conduct this meeting if shareholders owning 33% of voting shares are present.
The extraordinary meeting was called to approve the dismissal of Deputy Chairman Dang Tat Thang, who was among the founders of the company.
The FLC board of directors now has only four people, and the company wants to increase this number to six.
The company has run into structural and financial difficulties since its key leaders, including former chairman Trinh Van Quyet, were arrested in March last year for stock manipulation.
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