JUDGMENT

Haidar Mohd Noor JCA:

[1] The suit, the subject of the appeal before us, is in respect of an action by the plaintiffs against the defendants seeking, inter alia, for an order to nullify the sale of 682,500 shares of MGR Corporation Sdn Bhd to the third defendant, by the first defendant vide shares sales agreement dated 1 September 1992. The first defendant was represented by its managing director, the second defendant. The plaintiffs alleged, inter alia, that the agreement dated 1 September 1992 is not valid and is an attempt to defraud the shareholders and the particulars are set out in para 14 of the amended statement of claim. Various prayers including an injunction are sought by the plaintiffs in para 20 of the amended statement of claim.

[2] The directors of the first defendant resolved to acquire 682,500 shares of MGR Corporation Sdn Bhd (which subsequently went public) on 8 January 1992 from one Loi Lung Kiong. The acquisition was approved by MGR Corporation Sdn Bhd on 10 January 1992.

[3] The first plaintiff is a family company. The second to seventh plaintiffs are brothers, all by the same father The fifth and the seventh plaintiffs are from the same mother, the other