25 Mar 2024
POP INVESTMENTS LIMITED ICAPITAL.BIZ BERHAD
- Citation
- WA-24NCC-581-10/2023 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-24NCC-581-10/2023 (Mahkamah Tinggi)
The court held that Pop had standing under s351 CA 2016 because 'interest' includes legitimate beneficial economic interests of a nominee-held shareholder and there was a sufficient nexus between the alleged contraventions and Pop's interests. Substantively, ICAP was not required to expressly amend its Constitution before imposing a 20% foreign shareholding limit because paragraph 21(2) of its Constitution, read with the MMLR, the SC CEF Guidelines and the SICDA FOR/BMD Rules (including the deeming provision in Rule 7.36(4) MMLR and issuer representation under BMD Rules), provided a lawful ba…