I wrote before about Kamdar: here and here. In some detail:
Assets : Amount due from Director / Other Receivables – RM8,842,306
Liability : Amount due to Shareholders –RM 8,763,089
.....while it looks like the asset and liability roughly cancel each other out, there might still be a problem for the Kamdar Group in collecting the amount due from Director.
It appears that the above "problem" might indeed become a reality, the company made the following announcement:
The Board of Directors of Kamdar Group (M) Berhad (“KGMB” or “the Company”) wishes to announce that the High Court of Kuala Lumpur on 3 October 2014 had issued a Writ of Summons together with Statement of Claims to Bipinchandra A/L Balvantrai, Jayesh R. Kamdar Rajnikant and Yap Kim Hong and on 9 October 2014 Kamdar Sdn Bhd (“KSB” or “the Plaintiff”), a wholly owned subsidiary of KGMB, had served the same to the 3 Defendants via Messrs Amrit & Company, the solicitors of KSB to initiate proceedings to recover the alleged withdrawal of funds totalling RM8.7 million and to claim general, aggravated and exemplary damages, compound interest and such further and other relief as the court deems fit.