12 Oct 2020
1. THE BANK OF NOVA SCOTIA BERHAD (Company No.: 308035-U) 2. THE BANK OF NOVA SCOTIA, LABUAN BRANCH (Licensed Offshore Bank No.: 960052-C) 1. LION DRI SDN, BHD. (Company No.: 682225-U) 2. TAN SRI DATUK SERI UTAMA CHENG HENG JEM (NRIC No.: 4
- Citation
- WA-24NCC-248-05/2019 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-24NCC-248-05/2019 (Mahkamah Tinggi)
The Court held that "debenture holder" in s.346 CA 2016 is confined to holders of debt securities in the sense used in the CA 2016/CMSA (i.e. tradeable/market debt instruments) and does not extend to a bank as sole secured creditor holding a debenture as security for commercial loans; alternatively, even if plaintiffs were debenture holders, s.346 is directed to protect minorities and does not permit a sole debenture holder to sue; the pleaded complaints were corporate wrongs requiring derivative relief, there was no extant oppressive conduct when proceedings filed, plaintiffs had contractual…