Noble Group shareholder files lawsuit to stall meeting

Reuters 

(Reuters) - Goldilocks Investment Co, a leading stakeholder of Noble Group Ltd, said on Wednesday it had filed a lawsuit in against the embattled commodities trader, seeking to prevent a scheduled shareholder meeting on April 30.

Goldilocks, which holds an 8.1 percent stake, also seeks to propose directors to Noble's board, according to the lawsuit.

Noble did not immediately respond to a request for comment.

The said earlier this week it rejected Goldilocks' request to elect directors as the fund failed "to submit legally effective nominations".

Last week, Noble bowed to criticism from the Exchange and other investors and removed a provision in its $3.4 billion debt restructuring proposal that penalized shareholders voting against the plan.

Goldilocks, backed by Abu Dhabi Financial Group, has filed a separate lawsuit seeking measures including preventing Noble, its board and supporting creditors from appointing an and moving ahead with the restructuring agreement, it said in a statement.

Goldilocks filed a lawsuit in March alleging that Noble inflated its assets.

(Reporting by in Bengaluru; Editing by Biju Dwarakanath)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 25 2018. 16:47 IST