Tuesday, 12 May 2015

Scan files legal action against Bursa Malaysia

It does not often happen, but Scan Associates Bhd. did just did that, it filed a legal action against Bursa Malaysia, according to this announcement.

The company wishes to announce that bursa Malaysia securities bhd(BM) had at 6pm on 8.5.2015 issued a directive for the company to announce that the company had triggered rules 2.1(b) and (c)  of GN 3 based on the company 's Q4 2014 results.

In any event,  the company has no means to make such announcement as the company Secretary had resigned on the same day.

The company disagrees with the directive and has appointed solicitors,  Messrs lim,  chong,  phang & Amy to file a legal action against BM. The suit was filed on 10.5.2015 against BM to,  inter alia,  nullify the directive and to seek damages from BM. (The Suit).

The suit filed in the high Court in Kuala Lumpur bearing suit number 22ncc-130-05/2015.

Further to that,  the high Court had on 11.5.2015 heard the company 's application and granted an ad interim injunction to restrain BM to implement the reclassification of the company. The ad interim injunction will be enforceable and binding until the High Court makes a decision at 4pm on 18.5.2015.

A rather peculiar announcement (besides the inconsistent usage of capital letters and spacing) in which the company blames the fact that it had no company secretary to make such an announcement.

For more information, please read this article on Kinibiz (behind paywall).

No comments:

Post a Comment