1 Mar 2023
CHIPTAR HOLDINGS SDN BHD 1. ) THC RICE (K.L.) SDN BHD 2. ) TER THIAN TIN 3. ) CHONG FONG HAR 4. ) CHANG NGI MOOI
- Citation
- WA-24NCC-530-11/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-24NCC-530-11/2020 (Mahkamah Tinggi)
On an objective assessment the First Rights Issue was exercised for the improper purpose of diluting Chiptar rather than bona fide raising capital; the conduct amounted to oppression under s346 Companies Act 2016 and justified equitable relief including cancellation/rectification and a buyout mechanism requiring the 2nd–4th Defendants to purchase Chiptar's shares at fair value as at 8.6.2020 with independent valuation and ancillary orders to achieve a clean break.