Introduction

[1] Enclosure 1 is the Petition to wind-up the 1st Respondent ("the Company") based on the just and equitable principles provided by s 465(1)(b) of the Companies Act 2016 (" CA 2016").

[2] The Petitioner is a minority shareholder holding 38% shares, while Kong Siong Chen (R2) holds 62%. However, when the Company was first incorporated the shares were held 50-50 between the parties.

[3] The Company was set-up between the Petitioner and R2. When it was set-up the Petitioner's shares was held by his nominee one Madam Ong because the Petitioner was still employed in a different company.

[4] Although the Company was set-up like a partnership, nevertheless R2 held the majority shares.

[5] The grounds by the Petitioner to wind-up the Company are as follows:

(a) The whole substratum and objective of setting up the Company has vanished (loss of substratum).

(b) Loss of mutual trust