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Extract of Hardy Res. 2nd Fehmary 1915.
Daily
Press.
371
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.CI.XI.S
OPIUM COMPANY'S
AFFAIRS.
THE WINDING UP PETITION.
Further Shareholders Re- presented.
In the Supreme Court to-day before the. Chief Justice the hearing was commenced
of a petition presented by shareholders of the Yue Hing Co., Ltd., a wealthy Hong- kong opium firm, asking that an order be made that the company be wound up. In the petition allegations of fraud and mimppropriation of funds were made against two of the directors, and argument upon the question of whether the court could regard, these allegations occupied the court on Thursday and Friday and part of yesterday, when the Chief Justice decided that they are admissible. The bearing of the petition is expected to last three weeks
The petition was filed by Sun Fat Shan, a merchant residing in China and a share- holder in the company, and was supported by a number of shareholders. The respon dent was the Yua Hing Co., Ltd., and notice of opposition was also led by Lea Hyeo, Ma Chee Lung and a number of abareholders who alsimed to represent pearly half the total share capital of the company.
Mr. Duncan McNeill (Shanghai) and Mr. F, C. Jonkin appeared for the petitioners on the instructions of Mr. Crew (Messrs. | Hantings and Hastings); and Mr. C. G. Alabaster and Mr. Eldon Potter (in tract- ed by Mr. Beavis of Messrs. Wilkinson & d Grist) for the reep uident company. Mr. Potter also represented Lee Hymn and Ma Chee Ling the directors against whom the allegations are made.
Mr. Alabaster informed bia Lordship this morning that since the issue of the new advertisement giving notice of the petition four further shareholders, holding 80 shares, had given notice to oppose the petition; and he now represented the ho13 of 1080 shares which was more than half the shares of the company.
Mr. McNeill opened the case for the petitioners, and devoted the whole of the hearing to directing his Lordship's atten tion to the affidavits and declarations. Dealing with petitioners allegation that the minute books of the company had been i faked by certain directora entering minutes of meetings of the company which be sub- mitted were never hold, be said that all. the declarations filed would be supported by the evidence of witnesses who could be. CTOP examined. Certain of the petitioning- directors (whose names he mentioned) had filed declarations to the effect that since the incorporation of the company no statutory | meetings of shareholders were ever held, nor was kny report over filed with the Registrar of Companies av r- quired by law
Cate proceeding+
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