26 Jul 2022
PAN CHOON WENG 1. ) MEXVIN CHOW YEW HOONG 2. ) MARK HOU YIN 3. ) KONG KAH SENG 4. ) URBAX CAPITAL SDN BHD 5. ) YEE HUI YUAN 6. ) TOH KAI MUN 7. ) NG YOON YEEN 8. ) ONG MING KWONG 9. ) URBAX SDN BHD
- Citation
- AA-24NCC-18-11/2021 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- AA-24NCC-18-11/2021 (Mahkamah Tinggi)
The court held the allotment did not constitute unlawful breach of s85/Regulation 41 because either the promoter exception under s75(2)(c) applied and/or the shareholders, including the plaintiff, validly waived pre-emptive rights in the Shareholders' Agreement (Clause 3) and the proposal was presented and approved; Duomatic principle reinforced binding effect; no commercial unfairness or oppression under s346 was made out; claimant's action dismissed with costs.