JUDGMENT

Lim Chong Fong JCA:

Introduction

[1] This is an appeal in respect of a claim for dividends in a company by shareholders.

[2] The Appellant which is the Defendant in the Kuala Lumpur High Court Suit No WA-22NCC-630-11/2019 ("Suit") is a private limited investment holding company.

[3] The Respondents who are the Plaintiffs in the Suit are the minority shareholders of the Appellant.

[4] The majority shareholders and directors of the Appellant are Cheng Ping Keat ("CPK") and Cheng King Fa ("CKF").

[5] The sole asset of the Appellant is the shares in a public listed company known as Khind Holdings Sdn Bhd ("KHSB").

Background

[6] There were disputes between the Respondents and the majority shareholders of the Appellant in 2008 in relation to the payment of dividends by the Appellant.

[7] As the result, the Respondents commenced an oppression petition against the majority shareholders and others under s 181 of the Companies Act 1965 .

[8] However, the petition was stayed and the disputes were referred instead to arbitration pursuant to an arbitration clause in the shareholders' agreement.

[9] The arbitral tribunal via its award dated 11 October 2016 ("Award") dismissed the majority shareh