KUALA LUMPUR (May 30): Stone Master Corp Bhd says it does not recognise any extraordinary general meeting (EGM) that was held today at the Hotel Sheraton Imperial Kuala Lumpur today.

The meeting was convened by executive director and vice president Datuk Karen Lee Fong Yin, who is also Stone Master's largest shareholder with a 22.29% stake, to remove group managing director Datuk Koh Mui Tee and executive director Datuk Lee Hwa Cheng.

"The company does not recognise any board meeting and resolution that the alleged new board may hold, and the company does not recognise any new company secretary or announcement that may be made by the alleged new board," it said in a filing on Bursa Malaysia today.

Koh, who was present at the meeting, left with Hwa Cheng after declaring the EGM invalid. Yesterday, Koh told a press conference that the meeting today is invalid as it was not "substantially and procedurally called for", and that the company had filed an injunction to stop it.

Koh also accused Fong Yin of tampering with the EGM's proxy forms last Friday.

"Further to the announcement dated May 29, 2017 regarding the tampering of proxy forms, the company had also announced that it does not recognise any EGM that was proposed to be held today," the filing today read.

The company highlighted that the meeting was not held in accordance with the company's articles of association, and that there was no head table arranged for the seating of directors and the company secretary.

"Mr Low Eng Tack, a proposed independent director suggested by Lee Fong Yin, had acted as chairman of the meeting. The company objects to such conduct," it said.

It said Low had proceeded with the meeting although the company secretary could not confirm the presence of a quorum. "Furthermore, the scrutineers appointed by the company were not allowed to perform their duties."

The company also put Fong Yin and the eight directors proposed to be appointed by her on notice that their actions interfere with the court proceedings filed, it added.

The filing went on to highlight that Koh and Hwa Cheng are still the lawful directors of the company.

Stone Master's shares slipped 1 sen to 25 sen after trading of its shares resumed this afternoon. As at 2.30pm, the counter recorded 19,100 shares traded.