Fujitec wins lawsuit over shareholder meeting resolutions

Fujitec Co., Ltd. [TSE:6406] has announced a victory in a lawsuit brought by shareholder Uchiyama International Co., Ltd. (UI), challenging resolutions from the company's 76th Annual General Meeting held on June 21, 2023. The Otsu District Court dismissed part of UI’s petition without prejudice and the remaining claims were dismissed with prejudice on the merits. UI had claimed that Fujitec improperly invalidated some shareholder proxies during the meeting and sought revocation of resolutions related to the disposal of surplus, the election of nine directors, the election of one audit & supervisory board member, and the election of a substitute audit & supervisory board member. The court upheld Fujitec’s position that its handling of the proxies was lawful and appropriate. The company believes this judgment is fair and reasonable and will not impact its financial results. Fujitec affirms its commitment to lawful and appropriate management of future shareholder meetings.