Mr Pearson remained chairman following a board meeting at which directors were told that he had obtained an injunction against Ian Tickler and Donald Crammond being reappointed.
Mr Tickler was Mr Pearson's predecessor as chairman and Mr Crammond is a former deputy chairman. Mr Tickler resigned last April and Mr Crammond in August.
But Mr Tickler, whose family founded the company, has requisitioned an extraordinary meeting to oust Mr Pearson.
The dissidents' stockbroker, Granville, said they have the backing of 49 per cent of Shaw shares. It is understood that Mr Tickler wants to sell the loss-making engineering division to cut debt.
Mr Tickler led the company when it joined the Unlisted Securities Market in 1988. Shaw moved into the red last year, when it revealed a pounds 297,000 pre-tax loss for the year to 29 March against a pounds 267,000 profit. The board passed the final dividend, leaving shareholders with 1.3p for the year (4.1p).
Shaw lost a further pounds 124,000 before tax in the six months to 4 October against profits of pounds 113,000.
The share price collapsed from 50p to 21p last April when the company warned of the forthcoming loss. It subsequently recovered to 45p. Yesterday it remained at 41p.Reuse content