June 2, 2017 / 3:06 PM / 2 months ago

BRIEF-China Gas Holdings says former director and share option holders initiated legal proceedings against co

1 Min Read

June 2 (Reuters) - China Gas Holdings Ltd

* xu ying, a former director of company, has initiated legal proceedings against company recently

* seven holders of share options under scheme have also initiated legal proceedings against company in high court

* "company has never agreed to pay Mr. Xu alleged salary and/or annual bonus of hk$140 million"

* "seven option holders were not eligible persons under scheme when they exercised share options in relation to 10,000,000 shares of company"

* board considers that all of xu's claims are without merit; xu was dismissed by co and was removed from office as director on 29 march 2011

* "company will vigorously defend the claims"

* co clarifies that purpose of granting share options to eligible persons is to provide an incentive to such persons for their contributions to co Source text for Eikon: Further company coverage: (bangalore.newsroom@thomsonreuters.com)

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