Malaysia Case Law: Decisions & Judgments

Topic

Listing requirements

Legal area

Court

28 Jun 2022

WINTONI GROUP BHD BURSA MALAYSIA SECURITIES BERHAD

Citation

WA-25-208-06/2021 (Mahkamah Tinggi)
Court

High Court
Case number

WA-25-208-06/2021 (Mahkamah Tinggi)

The court found the impugned decision was not tainted by procedural impropriety, Wednesbury unreasonableness or breach of legitimate expectation because the respondent had considered relevant factors including COVID‑19 constraints, the applicant had repeatedly failed to appoint a Listing Sponsor and was excluded from automatic relief under GN3; therefore the decision to de‑list was lawful.
5 Jan 2022

BURSA MALAYSIA SECURITIES BERHAD MOHD AFRIZAN BIN HUSAIN

Citation

02(f)-39-07/2021(W) (Mahkamah Persekutuan)
Court

f
Case number

02(f)-39-07/2021(W) (Mahkamah Persekutuan)

The word 'shall' in Rule 16.11(2) AMLR is to be construed directory, not as imposing an absolute immediate mandatory duty to de-list upon a winding up order; Bursa may decide if and when to de-list after evaluating circumstances consistent with its statutory duties under the CMSA and may waive or modify rules; a liquidator of a listed company remains bound to comply with AMLR and any undertaking he gave; directors cannot unilaterally ensure compliance once control has passed to the liquidator.
3 Aug 2020

MOHD AFRIZAN BIN HUSAIN BURSA MALAYSIA SECURITIES BERHAD

Citation

WA-25-362-08/2019 (Mahkamah Tinggi)
Court

High Court
Case number

WA-25-362-08/2019 (Mahkamah Tinggi)

The court granted the stay because the Respondent demonstrated special circumstances: the public interest in maintaining market confidence and regulatory efficacy, the risk of confusion and undermining compliance if the reprimand were withdrawn pending appeal, and the likelihood of irreparable harm to the regulator and investors; the Applicant failed to show substantive prejudice from a temporary stay.
1 Jan 1900

BURSA MALAYSIA SECURITIES BERHAD MOHD AFRIZAN BIN HUSAIN

Citation

W-02(A)-696-06/2020 (Mahkamah Rayuan)
Court

A
Case number

W-02(A)-696-06/2020 (Mahkamah Rayuan)

Rule 16.11(2) ACE LR is mandatory and requires the Exchange to de-list a listed corporation upon a winding-up order; consequently, once de-listed the Exchange’s requirement that the listed issuer comply with ACE LR (including producing financial statements) no longer applies and the Listing Committee and Appeals Committee decisions imposing sanctions on the liquidator were tainted by error of law and irrationality and were quashed by the High Court and that decision was affirmed.

Malaysia Case Law

WINTONI GROUP BHD BURSA MALAYSIA SECURITIES BERHAD

BURSA MALAYSIA SECURITIES BERHAD MOHD AFRIZAN BIN HUSAIN

MOHD AFRIZAN BIN HUSAIN BURSA MALAYSIA SECURITIES BERHAD

BURSA MALAYSIA SECURITIES BERHAD MOHD AFRIZAN BIN HUSAIN