27 Apr 2021
TAI MAY CHEAN (NRIC NO.: 531113-10-5670) 1. UNITED EASTERN RESOURCES SDN BHD (COMPANY NO.: 416181-T) 2. NG PIK LIAN (NRIC NO.: 320718-05-5012)
- Citation
- W-02(NCC)(A)-1955-10/2019 (Mahkamah Rayuan)
- Court
- NCC
- Case number
- W-02(NCC)(A)-1955-10/2019 (Mahkamah Rayuan)
The Court of Appeal held the appellant satisfied the subjective element of good faith (honest belief in a good cause of action with reasonable prospects) and the proposed derivative action was prima facie in the best interest of the company because the company paid the redemption sum, transfer documents were prepared but not executed, rentals were retained by the vendor, and imminent limitation and statutory/directorial duties justified allowing the action; pending mental health proceedings, winding up petition, delay and prior criminal charge did not, on the facts, defeat leave. Consequently…