JUDGMENT

Liza Chan Sow Keng JC:

Introduction

[1] By the Originating Summons ("OS"), the 1st Plaintiff and the 2nd Plaintiff in their capacity as director and shareholder respectively of the Defendant company (interchangeably, "the Defendant" or "the Company"), sought an Order that the Company's accounting and other records required to be kept by the Company be open to inspection by Andrew Heng, an approved company auditor and a partner/director of Baker Tilly Monteiro Heng PLT acting for the Plaintiffs; and the said accounting records as set out in Annexure B to the OS be available for copies and/or extracts to be made by said auditor and/or his colleagues.

[2] After having read the cause papers, considered the submissions and heard oral arguments of the parties, I had allowed the OS. This judgment contains the reasons for the decision delivered on 10 June 2022.

Background Facts

[3] Pursuant to a Subscription Agreement dated 25 July 2016 entered into between the 2nd Plaintiff, the Company and one Lim Chang Huat ("LCH"), the 2nd Plaintiff subscribed for a 20% stake in the Company at a subscription price of RM60,000,000.00. Clause 10 of the Subscription Agreement provided that in considera