Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 142

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 142
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 other things, make an order appointing a restructuring officer or make any other
order as the court thinks fit.

  86  

  Table of Contents  

Shareholders’
Suits. In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority
shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the
Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule inFoss v. Harbottleand
the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions
in the name of the company to challenge actions where:

  a company acts or proposes to act illegally or ultra vires;                             
  the act complained of, although not ultra vires, could only be effected                 
  those who control the company are perpetrating a “fraud on the                          

Indemnification
of Directors and Executive Officers and Limitation of Liability. Cayman Islands law does not limit the extent to which a company’s
memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision
may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the
consequences of committing a crime. Our Memorandum and Articles provide that that we shall indemnify our directors and officers, and
their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or
sustained by such persons, other than by reason of such person’s dishonesty, willful default or fraud, in or about the conduct
of our company’s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his
duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses
or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning
our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as
permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have
entered into indemnification agreements with our directors and executive officers that provide such persons with additional