Perth-based entrepreneur Farooq Khan has maintained his hold on Sydney-based Bentley Capital following a requisitioned meeting that sought his removal.
The two-hour meeting was understood to include a verbal stoush between Mr Khan and the Melbourne investor agitating for change, 70-year-old Michael Barnett.
Mr Barnett and his supporters were seeking to have the listed investment company wound up and have the capital returned to shareholders.
Investors seeking the removal of Mr Khan and fellow director William Johnson from the board attracted just over 10 million votes, falling well short of the almost 27 million votes placed in favour of keeping the directors.
Mr Khan effectively controls a 28 per cent stake in Bentley - and associated voting power - through linked company Orion Equities.
The corporate raider earns an annual base salary of roughly $900,000 as a director on the board of several public companies.
WA Business News believes Mr Khan's power stems from an investment currently worth about $600,000 in a failed dot.com turned holding company, Queste Communications, where he is the managing director and second largest shareholder.
