18 Aug 2021
CONCRETE PARADE SDN. BHD 1. APEX EQUITY HOLDINGS BERHAD 2. JF APEX SECURITIES BERHAD 3. DATO’ AZIZAN BIN ABD RAHMAN 4. LEE CHEOW FUI 30 5. CHITRA A/P GANESALINGAM 6. TAN SRI AHMAD FUZI BIN HJ ABDUL RAZAK 7. CHOONG CHEE MENG 8. ZULAZMAN BIN
- Citation
- W-02(IM)(NCC)-1551-08/2019 (Mahkamah Rayuan)
- Court
- IM
- Case number
- W-02(IM)(NCC)-1551-08/2019 (Mahkamah Rayuan)
Appeal allowed. Court held subscription/placement and interlinked merger agreements breached statutory pre-emptive rights (s.85) and shareholder approval requirements (s.223); HOA and BMA constituted a composite, binding transaction and directors could not cure breaches by passing shareholder resolutions after the event; Validation Order did not validate continuing unlawful share buy-backs where M&A lacked authorization; the conduct amounted to oppression under s.346 and warranted relief and costs as ordered.