Arifin Jaka J:

[1] This application by way of notice of motion (encl 17) is made by Mawar Biru Sdn Bhd (the company) for an order that:

(a) All further proceedings in the winding up of the company be stayed absolutely. Alternatively

(b) All proceedings in relation to the winding up of the company be stayed on such terms and conditions as this Honourable Court thinks fit.

[2] The company was incorporated on 9 November 1984 as a limited company under the Companies Act 1965 with its registered office at S2-36 & S2-37 Wisma Abad, Century Garden, Johor Bahru. The paid up capital of the company is RM325,004 as against the authorised capital of RM2,000,000 divided into 2,000,000 shares of RM1 each.

[3] The main objects for which the company was established are as follows:

(a) To carry on the business of an investment company and for that purpose to acquire and hold either in the name of the company or in that of any nominee shares, stock, debentures, notes, bonds or securities by original subscription, purchase, exchange and to subscribe for the same subject to such terms and conditions (if any) as may be thought fit. Provided always that no surplus arising upon any such sale shall be a