Osim declares The Wellness Group's recent allegations "unmeritous and groundless"

Company officially responds to writ of summons.

In a disclosure to the Singapore Exchange, the the Board of Directors of OSIM International have revealed their response to the Write of Summons claim submitted by The Wellness Group Pte. Ltd. (Wellness Group) and Manoj Mohan Murjani (Manoj).

"The Board believes that the allegations are unmeritorious and groundless, and hence, the company intends to vigorously defend the claim, and is currently seeking legal advice to refute the claim as well as to file counterclaim against The Wellness Group and Manoj."

The response came after OSIM International, Taha Bou Qdib, Paris Investment Pte Ltd (Paris Investment), and TWG Tea Company Pte Ltd (TWG Tea) were served on February 17, 2014 with a Writ of Summons which made claims on the recent subscription by the Company and Paris Investment of the shares in TWG Tea and other disputes.

The Wellness Group and Manoj claimed that the issuance of shares was an act of minority oppression and is in breach of the terms of the Shareholders Agreement dated 18 March 2011 entered into between the Company, Paris Investment, The Wellness Group, and TWG Tea. The claimants have asked for the issuance of shares in TWG Tea to the Company and Paris Investment to be set aside, for The Wellness Group to regain its shareholding percentage in TWG Tea, and for damages to be assessed.