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

Company Law Statutory Interpretation

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

Judgment

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Source: eJudgment (02f-77-08-2022w)