JUDGMENT

Wan Muhammad Amin Wan Yahya J:

[1] This is an application by the Plaintiff under s 347 of the Companies Act 2016 ("CA 2016") for leave to commence derivative proceedings on behalf of the Defendant, Cellpro Consultancy Sdn Bhd ("the Company") against Chua Meng Hua, Siaw Mun Sin, Tan Eng Shin and Yew Chak Hua (collectively "the Proposed Defendants") ("this Application").

[A] Salient Background Facts

[2] The Company was incorporated on 24 February 2022 with five equal shareholders, each holding 20% of the shares: the Plaintiff, Chua Meng Hua, Siaw Mun Sin, Tan Eng Shin, and Yew Chak Hua.

[3] The Plaintiff resigned as director on 6 October 2023, leaving Chua Meng Hua as the sole registered director.

[4] The Plaintiff alleges that between March and July 2024, he discovered that the Proposed Defendants had:

(i) Incorporated Rejuv Premium Sdn Bhd ("Rejuv Premium") on 5 March 2024, using the Company's brand, premises, and equipment;

(ii) Directed customer payments that should have gone to the Company to Rejuv Premium instead;

(iii) Transferred RM70,000.00 from the Company to Green Matrix Technologies Sdn Bhd ("Green Matrix") as "capital injection"; and

(iv) Established and/or participated i