GROUNDS OF JUDGMENT

The Petitioner filed an application in Enclosure 4 for a Receiver and Manager to be appointed over the 9th Respondent Company including its property and that the Receivers and Managers report back to the Court within 60 days from the date of its appointment the affairs of the 9th Respondent Company, in particular its financial status.

The 9th Respondent ("the Company") is involved in computer supplies and accessories. The Petitioner was one of its original subscribers and promoters. Sometime in July 2001, the 1st Respondent (who is associated with the 7th Respondent, a public listed company), approached the Petitioner, which culminates in the 1st Respondent participating in the business of the Company, with the 1st Respondent becoming equal shareholders of the Company with joint control of the Board of the Company.

The 7th Respondent was then introduced as a purchaser intending to acquire the Company with an initial majority interest followed by a total acquisition. As a result of this the Petitioner became a minority shareholder. The 7th Respondent's management thereafter obtained control of the Board.

Before the introduction of the 7th Respondent, the Company has