Back
HIGH COURT MALAYA KUALA LUMPUR
ZULKIFLI HUSSAIN & ORS – Appellant
Versus
IOI CORPORATION BERHAD & ORS – Respondent
| Table of Content |
|---|
| 1. mandatory offer obligation upon acquisition threshold breach. (Para 1 , 2 , 3) |
| 2. securities commission's ruling on mandatory offer. (Para 4 , 5 , 6 , 7 , 9) |
| 3. judicial review of securities commission's order. (Para 8 , 10 , 12 , 13) |
| 4. interpretation of statutory provisions for breach tort. (Para 25 , 26 , 27 , 28 , 29) |
| 5. lack of private law remedy for breach of take-over code. (Para 69 , 70 , 71 , 72 , 75) |
Introduction
[1] The plaintiffs' claim against the defendants is for damages arising from a breach of statutory duty. The breach in issue is the failure or refusal of the defendants to undertake a mandatory general offer to purchase the remaining voting shares in Palmco Holdings Berhad ('Palmco') after having acquired, between March 1997 and August 1998, allegedly in concert, slightly more than 33% of the issued share capital of Palmco.
Salient Facts
[2] The plaintiffs in this suit were, in 1997, minority shareholders in Palmco Holdings Berhad ('Palmco'). In March 1997 the Board of Directors of the first defendant, IOI Corporation Berhad ('IOI') resolved to acquire some 52,463,000 shares equivalent to 32.96% of the issued share capital of Pal
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
