24 Jul 2020
1. INGIT TIBREWAL (Sebagai Wakil Diri bagi Harta Pusaka Sures Tibrewal, simati) 2. BEENA TIBREWAL 1. DEVI MEYYAMMAI A/P RAMANATHAN 2. MEENAKSHI A/P M. RAMANATHAN 3. ALSORAYAI COMMERCE SDN BHD (Company No.: 544030-P)
- Citation
- WA-22NCC-198-04/2019 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22NCC-198-04/2019 (Mahkamah Tinggi)
The consent judgments created an arrangement whereby proceeds of sale of company properties would be applied to purchase the company’s shares, thereby effectively using company assets to finance the purchase of its own shares in contravention of s123 Companies Act 2016; that illegality rendered the arrangement null and void under Contracts Act 1950 s24(e), so the plaintiffs’ claims fail and are dismissed.