The approval paved the way for the activation of several resolutions reached by the new board of directors on Friday. One was to cancel the positions of chief executive officer, president for production, president for marketing and senior executive vice presidents.

The board also cancelled the employment of Prachai, his brothers Pramuan and Prateep, as well as his wife, Orapin, with compensation.

Also effective is the appointment of General Mongkol Ampornpisit as the company's chairman, which superseded the old board's appointment of Prachai as its chairman. Meanwhile, PTT president Prasert Bunsumpun and Pakorn Malakul na Ayudhya will be the company's vice chairmen while Thai Oil Plc president Piti Yimprasert will be the new president.

A day before the company's shareholders meeting last Thursday, the old board of directors appointed 10 more directors and Prachai as chairman.

The appointment of new directors on Friday required the Commerce Ministry to finalise which appointment was legitimate.

Yesterday, Piti started work as TPI's new president. His first task was to call a meeting with executives and employees in Bangkok to inform them of the company's business policies and boost their morale.

Piti said employees laid off during the reign of Prachai would be offered new positions.

The new shareholders are also considering moving TPI's office out of TPI Tower, a building owned by Pornchai Construction Co Ltd, an interest of the Leophairatana family.

The building was rented to TPI under a 99-year contract, and Pornchai Construction is now entitled to some compensation as the contract will be terminated prematurely.