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KUALA LUMPUR: Caely Holdings Bhd's shares fell over 7% in the afternoon session amid its ongoing boardroom tussle.

At 3.10pm, the lingerie maker lost 7.69%, or three sen to 36 sen. The counter lost 5.3% in the past five days.

ALSO READ: Jovian says never agreed to become Caely vice-chairman

According to filings with Bursa Malaysia, Caely has announced the retraction of Datuk Jovian Mandagie and Sandraruben Neelamagham appointment as directors of the company.

"The appointment of director was not put into effect due to miscommunication," it said.

On Tuesday, Caely announced that Jovian had been appointed as its new executive vice-chairman.

Jovian has come forward to set the record straight on his purported appointment as executive vice-chairman of Caely, denying that he has taken up the post.

He said the company’s announcement had tarnished his "corporate, business and personal reputation."

ALSO READ: Caely’s new board set to steer firm out of glut

Jovian, however, acknowledged that he had attended a meeting with the company’s group executive chairman Datuk Loh Ming Choon on June 13.

"The meeting was to discuss a potential collaboration with Caely Holdings.

"The said representative had also offered a seat on the board of Caely Holdings as the executive vice-chairman with the purpose to revamp and/or expand the company’s garment division, to which, no definitive verbal agreement had been reached.

"I did not agree to accept the appointment as the executive vice-chairman of Caely Holdings," he said in a statement.