On May 7th, according to multiple South Korean media reports, ADOR, a management company led by Min Hee-jin, who is known for creating the popular South Korean girl group NewJeans, will be holding a board meeting in Seoul on the 10th.
Prior to this, ADOR had stated during an inquiry at the western district court in Seoul on April 30 that the company would hold a board meeting before May 10 and an emergency shareholders’ meeting by the end of May. This timeline is about one to two weeks earlier than the expected meeting time requested by HYBE for ADOR to convene an emergency shareholders’ meeting.
It is reported by several South Korean media outlets that the board of ADOR is mainly composed of Min Hee-jin, the company’s vice president, and another director. If it is decided during the board meeting to convene an emergency shareholders’ meeting, it would take 15 days after issuing the notice to shareholders for the meeting to be held, meaning the emergency shareholders’ meeting could take place as early as the 27th.
Due to HYBE owning over 80% of ADOR’s shares, if an emergency shareholders’ meeting is convened, HYBE, which previously sued Min Hee-jin under the pretext of “suspicion of seizing control of the company,” may propose a motion to dismiss Min Hee-jin during the emergency shareholders’ meeting and hold a vote on it.
As HYBE had already filed an application with the court to convene an emergency shareholders’ meeting, if ADOR refuses to call for such a meeting, the court is expected to issue a permission notice for the convening of the meeting on the 13th.