15 Jan 2025
V.S. Industry Berhad 1. ) Lim Chang Huat 2. ) Lim Chee Kon 3. ) Chow Chun Pooi @ Chow Chan Leong 4. ) NEP Holdings (Malaysia) Berhad
- Citation
- WA-24NCC-400-07/2023 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-24NCC-400-07/2023 (Mahkamah Tinggi)
Court held plaintiff established oppression under s346 CA 2016 based on undisputed facts: prolonged failure to call Board meetings and AGMs, failure to produce audited accounts for FYE 2021–2022 despite inspection order and withholding of financial information, and failure to declare dividends despite profit; given NEP is a holding company, absence of transparency, difficulty in valuing shares and risk that a buy-out would conceal wrongdoing, the appropriate remedy was winding-up with appointment of two private liquidators and an award of costs of RM80,000 joint and several against the 1st–3r…