16 Nov 2021
1. ) Shim De Zhen and Hazwan Lee for the 1st Applicant, Neptune Asia Services Sdn Bhd [Messrs Yeoh Shim Siow and Lay Kuan] 2. ) Mak Lin Kum and Layyin Teh binti Hassan for the 2nd Applicant, Messrs Syed Ibrahim & Co [Messrs Syed Ibrahim & C
- Citation
- ORIGINATING SUMMONS NO. WA-28JM-21-09/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- ORIGINATING SUMMONS NO. WA-28JM-21-09/2020 (Mahkamah Tinggi)
Enclosure 22 was dismissed because a creditor-applicant lacked locus standi to seek constitutional amendments under s414(3)(b) and (9); those provisions do not authorize using judicial management to effect alterations that would effectively expropriate shareholders by cancelling and reissuing shares or reducing paid-up capital — reduction of capital is a right of the company under s116 and requires proper procedure and creditor approval under ss420–421; the judicial manager is the proper party to propose such measures and the application as framed was outside the statutory scope and prejudici…