The collapsed Yamaichi Securities Co. failed at its final general shareholders' meeting Friday to win approval to disband, due to insufficient shareholder attendance.
Yamaichi was unable to propose a motion to dissolve the brokerage because the combined holdings of the 928 shareholders present did not exceed 50 percent of outstanding shares with voting rights, as required by law.
The company, with the backing of several large-lot shareholders, is now expected to go to the courts to win a ruling to shut itself down. Securing court approval and preparing for court-supervised liquidation may take some time.