Lau Bee Lan J:

[1] The applicant, Nasioncom Holdings Sdn Bhd, through its ex parte application for judicial review under O 53 of the Rules of the High ("the RHC") dated 27 March 2007 (Encl 1) sought leave for the following reliefs:

(a) for a writ of certiorari to quash the decision of the respondent, Securities Commission ("SC"), dated 15 February 2007 in imposing a public reprimand ("1st sanction") and to direct the applicant to rectify and re-issue the Applicant's 2005 Financial Statements by excluding from the Group revenue of RM194,984,186, the sum of RM143,109,727 ("2nd sanction").

(b) an interim stay order of the two sanctions which thehas imposed till the final determination of the ex parte application or of the substantive application.

(c) for a declaration that the decision of the respondent dated 15 February 2007 in imposing the two sanctions acted with mala fides and/or abuse of authority and/or did not act with fairness and was unreasonable and/or the respondent was biased and acted in contravention of the basic rights of the applicant.

[2] Broadly, the background facts are as follows. The applicant was listed in 2005 on MESDAQ Market of Bursa Malaysia Securities Be