The taxi rank boss, Pom Sukkasam, told the meeting at Vichitsongkran School in Phuket City that prosecutors in Bangkok had decided on Monday not to pursue the case.
The pair were arrested in September and accused of intimidation and extortion. The case was dropped on Monday for lack of evidence, Khun Pom said.
The Central Festival Phuket rank has since been reformed, the meeting was told, and is now a co-operative that will be managed by Central Festival Phuket.
Under the co-operative rules, members elect their leaders by secret ballot. Khun Pom is expected to stay as leader.
He blamed the arrest on someone who wanted to settle a score against him.
Back in September, Department of Special Investigation Major Natapol Diisayatham reported that complaints had been made by 16 embassies about taxi drivers in Thailand, especially about those on Phuket.
Only 43 of more than 170 drivers at Central Festival had registered.
Under the new system, the mall's management expects to win the upgrade in vehicles and standards it was hoping to achieve.