BioAmber Inc fka BIOAQ

[Brucebannerr]

Dont think they want 80% of a debt ridden insolvent empty shell. Who ever THEY are in fantasyland. But unless somebody files an objection and petitions the court to hold a vote and elect a board of directors it matters not . So somebody better step up and get that objection out. Sitting back and counting your shares wont save you . Even then it is highly unlikely the court would approve it as there is no business or assets left to save .
If a company is left with no appointed directors, the shareholders may have authority under the company’s articles to appoint directors. Where there is no power in the articles for the shareholders to appoint directors and this power has been delegated to the board, case law has suggested that the general meeting (ie the shareholders) can act instead of the board.

The Court which has the power to order a general meeting where it is impractical to call a meeting in the manner set out in the articles of the company or under the Companies Act 2006.