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Administrative Sanction

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Administrative Fine Imposed on the Responsible Person of Holux Technology, Inc. (OTC Company, Stock Code 3431)

1.Date the Punishment was Imposed: April 22, 2019. 
2.Recipient of the Punishment: Responsible person for the conduct of Holux Technology, Inc., Tseng, ○○.
3.Legal Basis of the Punishment: Paragraph 6, Article 14-2, and Paragraph 7, Article 26-3 of the Securities and Exchange Act. 
4.Facts of the Violation and Reasons: The bylaws of Holux Technology, Inc. require that there shall be five to seven directors (including two independent directors), and at least two independent directors. The Company elected five directors (including two independent directors) on June 6, 2017. Both independent directors have resigned, and the vacancies on the Board exceeded 1/3 of the total seats as prescribed in the bylaws as of January 10, 2019. However, the Company has not held an Extraordinary Shareholders Meeting. It is deemed as a violation against Paragraph 6, Article 14-2, and Paragraph 7, Article 26-3 of the Securities and Exchange Act, which require that the vacant seats shall be filled by holding an Extraordinary Shareholders Meeting within 60 days upon the occurrence of such event.
5.Disciplinary Action: A fine of NT$240,000 was imposed on the responsible person for such conduct pursuant to Subparagraph 2, Paragraph 1, Article 178, and Paragraph 1, Article 179 of the Securities and Exchange Act.
 
Contact Person: Chen, Hsiang Yin, Section Chief, Corporate Finance Division, Securities and Futures Bureau
Contact Tel: (02)2774-7120
Please send your inquiry to: https://fscmail.fsc.gov.tw
Visitor: 317   Update: 2019-07-10