[Leave To Commence A Statutory Derivative Action]

Leong Wai Hong J:

Introduction

[1] This is an application via an Originating Summons dated 12 July 2023 in Enclosure 1 by three applicants to be granted leave to commence a derivative action against the 1st to 3rd respondents in the name of the 4th respondent ("Derivative Leave OS").

[2] The applicants assert "having an interest in corporate governance, the applicants decided to become the minority shareholder activists with the intention to act in the public shareholders' interest in questioning the independence of the 4th respondent's board of directors". [See applicants' written submissions encl 43 para 7]

[3] The Derivative Leave OS is filed pursuant to s 347 read with s 348 of the Companies Act 2016 Act 777 (" CA 2016").

[4] The Derivative Leave OS asked for the following orders:-

(a) That the applicants be granted leave to commence a derivative action in the name of the 4th respondent against the 1st to 3rd respondents;

(b) That the applicants as the minority shareholders of the 4th respondent be granted full control over the conduct and carriage of all aspects of the proceedings/action by the 4th respondent against the 1st