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HIGH COURT MALAYA KUALA LUMPUR
EMPIRE HOLDING LTD – Appellant
Versus
SURUHANJAYA SEKURITI MALAYSIA & ORS – Respondent
| Table of Content |
|---|
| 1. factual background of shareholder dispute. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 11 , 12 , 13 , 14 , 15 , 16) |
| 2. legal principles for granting stay of execution. (Para 18 , 19) |
| 3. arguments regarding the stay of execution. (Para 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42) |
| 4. conclusion on the dismissal of the application. (Para 44) |
Introduction
[1] The Applicant is a minority shareholder in the 3rd Respondent holding 3,833,590 ordinary shares in the 3rd Respondent which constitutes 1.38% of the entire issued and paid-up share capital of the 3rd Respondent.
[2] The 1st Respondent is a statutory body established under the Securities Commission Act 1993 and entrusted with the responsibility to regulate and develop the Malaysian Capital Market. The 1st Respondent issued the Rules on Take-overs, Mergers and Compulsory Acquisitions [SC-GL/1-2016(R2-2021)], on 15 August 2016 and revised on 28 December 2021, and the Malaysian Code on Take-Overs and Mergers 2016 (Takeover Code).
[3] The 2nd Respondent is the single largest and majority shareholder of the 3rd Respondent and the reg
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