23 Dec 1981
MAN LUEN CORPORATION (A FIRM) v. SUN KING ELECTRONIC PRINTED CIRCUIT BOARD FACTORY LTD
- Citation
- MAN LUEN CORPORATION (A FIRM) v. SUN KING ELECTRONIC PRINTED CIRCUIT BOARD FACTORY LTD
- Court
- Court of First Instance
- Case number
- HCA7521/1980
Even if the statutory duty under s.162 may have been complied with, the general law requires full disclosure to the shareholders in general meeting and sanction by the meeting; failure to obtain that disclosure and sanction requires the directors (and the firm of which they were partners) to account to the company for any profits made; the plaintiff is entitled to judgment on its claim for the adjusted price and the company is entitled to an account of profits.