1. ) DATO' AZIZAN BIN ABD RAHMAN 2. ) LEE CHEOW FUI 3. ) CHITRA A/P GANESALINGAM v 1. ) Concrete Parade Sdn. Bhd. 2. ) APEX EQUITY HOLDINGS BERHAD 3. ) JF Apex Securities Berhad 4. ) CHOONG CHEE MENG 5. ) ZULAZMAN BIN ZULKIFLI 6. ) MERCURY SECURITIES SDN BHD

02f-77-08-2022w Federal Court (Mahkamah Persekutuan) 25 March 2024 • 02(f)-77-08/2022(W)

Catchwords

oppression action merger proposed allotment and issuance of new shares dilution of their shareholding shareholder pre-emptive rights disposals or acquisitions of substantial assets of a company by the directors failure of the directors to procure shareholder approval for a proposed merger share buy-back transactions ultra vires the company's articles of association constitution of a company High Court order validating prior share buy-back transactions rectification of contravention of Companies Act 2016 Companies Act 2016 section 85(1), section 223, section 582(3), section 346, section 67A(1) statutory purposive approach to interpretation section 17A of the Interpretation Acts 1948 and 1967 commercial sense business efficacy fundamental principle of governance in companies majority rule ‘subject to’ clause illegality

Practice Areas

oppression action merger proposed allotment and issuance of new shares dilution of their shareholding shareholder pre-emptive rights disposals or acquisitions of substantial assets of a company by the directors failure of the directors to procure shareholder approval for a proposed merger share buy-back transactions ultra vires the company's articles of association constitution of a company High Court order validating prior share buy-back transactions rectification of contravention of Companies Act 2016 Companies Act 2016 section 85(1), section 223, section 582(3), section 346, section 67A(1) statutory purposive approach to interpretation section 17A of the Interpretation Acts 1948 and 1967 commercial sense business efficacy fundamental principle of governance in companies majority rule ‘subject to’ clause illegality

Judges (3)

Nallini Pathmanathan Coram Rhodzariah binti Bujang Coram Tengku Maimun binti Tuan Mat Delivered

Parties (9)

APEX EQUITY HOLDINGS BERHAD Respondent Concrete Parade Sdn Bhd Respondent JF Apex Securities Berhad Respondent MERCURY SECURITIES Sdn Bhd Respondent Chitra a/p Ganesalingam Appellant Choong Chee Meng Respondent Dato' Azizan bin Abd Rahman Appellant Lee Cheow Fui Appellant Zulazman bin Zulkifli Respondent

Case Significance

1. ) DATO' AZIZAN BIN ABD RAHMAN 2. ) LEE CHEOW FUI 3. ) CHITRA A/P GANESALIN... is a Federal Court (Mahkamah Persekutuan) decision dated March 25, 2024 (citation: 02f-77-08-2022w). The panel comprised Nallini Pathmanathan, Rhodzariah binti Bujang and Tengku Maimun binti Tuan Mat, with Tengku Maimun binti Tuan Mat delivering the judgment.

What was the outcome of 1. ) DATO' AZIZAN BIN ABD RAHMAN 2. ) LEE CHEOW FUI 3. ) CHITRA A/P GANESALIN...?

1. ) DATO' AZIZAN BIN ABD RAHMAN 2. ) LEE CHEOW FUI 3. ) CHITRA A/P GANESALIN... is a Federal Court decision dated March 25, 2024. The case was heard by Nallini Pathmanathan. See the full judgment for details.