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LLEN > SEC Filings for LLEN > Form 8-K on 26-Nov-2013All Recent SEC Filings

Show all filings for L & L ENERGY, INC.

Form 8-K for L & L ENERGY, INC.


Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 18, 2013, Mohan Datwani tendered his resignation from his position as a member of the Board of Directors of L & L Energy, Inc. (the "Company") "due to recent developments with the Company." Mr. Datwani served as the chairman of both the Audit and Special Independent Committees. He also served as a member of Nominations and Compensation Committees. Subsequent to his initial resignation letter Mr. Datwani indicated the following reasons for his resignation which are addressed by the Company below. His resignation letter and related correspondence with the Company is filed herewith as Exhibit 17.1 to this Form 8-K and incorporated herein by reference.

First, the Company is disappointed that Mr. Datwani's believes that he was not fully informed as a board member. The Company respectfully disagrees with Mr. Datwani's characterization of events. Additionally, none of the current board members have expressed dissatisfaction with the Company's disclosures to the Board of Directors.

Second, the Company is disappointed that Mr. Datwani believes the Company did not provide adequate financial support to the Special Independent Committee (the "SIC"). The Company disagrees with Mr. Datwani's characterization, and none of the current board members agree with Mr. Datwani's opinion. No funding request made by the SIC has been denied by the Company, and in a recent meeting of the Board of Directors, management expressed its full support for any reasonable funding requests by the SIC, including costs for a forensic auditor.

The Company has provided Mr. Datwani with a copy of the disclosures contained in this Form 8-K and has offered him an opportunity to furnish the Company with a response.

Mr. Jingcai Yang, former Senior Executive for the world's largest coal company Shenhua Group, was unanimously approved to replace Mr. Datwani as chairman of the SIC. The Company intends to fully support the SIC's investigation as it moves forward.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

17.1 Resignation Letter and related correspondence from Mohan Datwani.

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