|Description (Please provide a detailed description of the event in the box below)||1. INTRODUCTION|
The Board of Directors of China Environment Ltd. (the Company and together with its subsidiaries, the Group ), wishes to announce the rejection of application to extend deadline to hold annual general meeting under Section 175 of the Companies Act.
2. EXTENSION OF DEADLINE TO
- RESTATE, RE-AUDIT FY2013 AND FY2014 FINANCIAL STATEMENTS
- HOLD ANNUAL GENERAL MEETINGS FOR FY2015 AND FY2016 FINANCIAL STATEMENTS UNDER SECTION 175(2) AND 201(4) OF THE COMPANIES ACT
As announced on 16 June 2016, pursuant to the ACRA s Financial Reporting Surveillance Programme, ACRA has requested the Company to restate and re-file the Company s audited financial statements for FY2013 and FY2014.
Under the ACRA s Financial Reporting Surveillance Programme, ACRA had on 21 August 2015 issued a warning letter under section 201(3A) of the Companies Act, Cap 50, to Mr. Huang Min and Mr. Wu Jida, two of the Company s directors who were responsible for the financial management of the Company followed by an Advisory Letter with respect to the audited financial statements for the FY2013 ( Advisory Letter ) to the then Board of Directors of the Company on 23 October 2015.
As a result of the requirement for restatement and re-filing of the financial statements for FY2013 and FY2014, the Company s audited financial statement for FY2015, FY2016 will also be deferred until the completion of FY2013 and FY2014.
ACRA has on 22 February 2018 granted the Company a final extension to hold the Company s annual general meeting by 30 April 2018 for the following financial statements as follows:
a. restated and re-audited FY2013 and FY2014 Financial Statements; and
b. FY2015 and FY2016 Financial Statements
3. REJECTION OF APPLICATION TO EXTEND DEADLINE TO HOLD ANNUAL GENERAL MEETING UNDER SECTION 175 OF THE COMPANIES ACT
The Company had applied to the Accounting and Corporate Regulatory Authority on 17 April 2018 for further extension of time to 30 June 2018 to comply with Section 175 of the Companies Act. ACRA has informed the Company that the Company's application for an extension of time under Section 175 of the Companies Act to hold the Annual General Meeting by 30 June 2018 is rejected.
By Order of the Board
18 May 2018