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HIGH COURT MALAYA KUALA LUMPUR
TAN POH LEE – Appellant
Versus
TAN KIM CHOO HOLDINGS SDN BHD & ANOR – Respondent
| Table of Content |
|---|
| 1. judgment based on application for a validation order under companies act. (Para 1) |
| 2. background facts detailing company ownership and financial obligations. (Para 2 , 3 , 4 , 6 , 9 , 10 , 12) |
| 3. company's income and liabilities are critical in validation considerations. (Para 5 , 8) |
| 4. court requires thorough disclosure of financial obligations. (Para 13) |
| 5. arguments regarding the necessity of validation for benefit. (Para 14 , 15 , 16) |
| 6. discussion on legal provisions guiding validation applications. (Para 17 , 18 , 19 , 20 , 21) |
[1] This is an application by the 2nd Respondent for a validation order pursuant to s 223 of the Companies Act 1965 to validate the payment of a sum of RM4,798,200.00 in the 1st Respondent's current account with Public Bank Berhad ("PBB") towards the overdraft granted by United Overseas Bank (M) Bhd ("UOB") to the 1st Respondent. I have dismissed the validation application. These are the reasons for my decision.
Salient Background Facts
[2] The Petitioner, a contributory and contingent creditor and director of the 1st Respondent has filed the winding up petition to wind up the 1st Respondent on the just and equitable ground.
[3] The Petitio
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