4 Mar 2020
SAUJANA RESORT (M) BERHAD 1. CHIN CHEEN FOH (NO K/P: 580619-07-5529) 2. CHIN KON MENG (NO K/P: 530922-10-5465) 3. LEE POI KEONG (NO K/P: 560710-106201) 4. WONG YAN KHEONG (NO K/P: 580318-08-5045) 5. NG HOE (NO K/P: 570706-10-6347)
- Citation
- W-02(NCC)(A)-2227-10/2018 & W-02(NCC)(A)-2282-11/2018 (Mahkamah Rayuan)
- Court
- NCC
- Case number
- W-02(NCC)(A)-2227-10/2018 & W-02(NCC)(A)-2282-11/2018 (Mahkamah Rayuan)
The Interest Schemes Act 2016 operates prospectively; it expressly excludes shares from the definition of "interest" and the saving provision s92(5) preserves rights existing before commencement, therefore Class B shares issued in 1985 are governed by the Companies Act regime and not by the Act; the High Court's declaration that all Class B shareholders are "interest holders" under the Act was erroneous and is set aside.