[TechWeb] May 15th news, LeTV.com announced today that the company received the "Beijing Arbitration Commission Award" yesterday, ruling to support LeTV Sports shareholders Qianhai Situo all arbitration requests. As one of the respondents, the company is faced with the ruling that it is required to share the shareholdings of Qianhai Situo equity with other LeTV sports original shareholders.
LeTV.com stated that in the context of failing to comply with the procedures for the approval, review and signing of listed companies as stipulated by the Company Law, the Articles of Association and other laws and regulations, and the unauthorised signing of contracts by listed companies, the management as a contractor Acting authority, its signing should not have legal effect.
The announcement said that the arbitration results have a greater negative impact on the possibility of listed companies' ability to continue to operate. The company will adopt all means including legal means to safeguard the interests of the company and its shareholders.