Malaysia Case Law: Decisions & Judgments | LexChat

Topic

Paid-up capital

Legal area

Court

14 Dec 2021

VIVIAN KISHORE SAMUEL 1. ) LEKAS FUEL SERVICES SDN BHD 2. ) DEVASAGAYAM A/L AYYAKKANNU

Citation

WA-24NCC-218-05/2021 (Mahkamah Tinggi)
Court

High Court
Case number

WA-24NCC-218-05/2021 (Mahkamah Tinggi)

On the balance of probabilities the court found that portions of the new allotment were paid using the 1st defendant's own funds and that at least RM291,580 of the purported payments were immediately withdrawn or repaid, meaning the allotment was not fully paid and contravened section 123 CA 2016; therefore the court exercised its discretion under section 103 CA 2016 to allow the originating summons and order rectification of the register and cancellation of the unlawful allotment.
16 Jul 2021

YEE PLANTATION SDN BHD (CO. NO.: 452445-D) LIEW SUAT LING (NRIC NO.: 670527-07-5192)

Citation

WA-22NCC-174-04/2019 (Mahkamah Tinggi)
Court

High Court
Case number

WA-22NCC-174-04/2019 (Mahkamah Tinggi)

The court accepted contemporaneous corporate records and unchallenged testimony of the company secretary that the 500,000 shares were treated and filed as fully paid in Form 24 and audited accounts from 2011; the Plaintiff failed to prove on the balance of probabilities that the shares were unpaid; absence of critical witness (Chin Yoke Chun) attracts adverse inference against the Plaintiff; the 2019 repayments were not credible evidence of an original loan and s75(6) CA 2016 is irrelevant to the lien claim; accordingly the Plaintiff’s claim was dismissed.