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: (firstname.lastname@example.org)