The EGM would be the best platform to face the results squarely and take the appropriate measures to ensure Umno regained its footing, he said.
But for this to happen, the divisions must first agree for the EGM to be held and move a resolution to discuss the election results, which saw the Barisan Nasional (BN) lose five states and its two thirds-majority in Parliament, report Bernama .
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"It is time the leadership comes down from its ivory tower and listen to what the members have to say about this serious debacle. We leaders having failed, now must listen to the views of the members, who give us our strength.
He said by doing this, Umno would be able to rectify the situation, as it did after a similiar debacle in 1969.
"But 1969 was not as bad as this time and more so after we introduced the New Economic Policy (NEP) to uplift the bumiputeras.
Tengku Razaleigh said the meetings he held with Umno division leaders post-election in the capital over the last few days was to explain to them the gravity of the situation and thus the need for the EGM.
However, some of the division leaders feared they would lose their posts if they spoke up, he said, adding that this would be detrimental to the party as fear would be what would ultimately lead to Umno's extinction.
Tengku Razaleigh. had earlier this month written to 18,000 Umno leaders nationwide proposing the EGM which was backed by former Prime Minister Tun Dr Mahathir Mohamad.