JUDGMENT

RK Nathan J:

Facts

The 3rd and 4th plaintiffs together with the three defendants were shareholders and directors of 34 companies (hereinafter referred to as the Meda Group). The Meda Group included the 1st and 2nd plaintiffs.

By 8 in pari materia sale and purchase agreements dated 22 April 1997, the 3rd and 4th plaintiffs sold to the three defendants all the shares legally and beneficially owned by them in the Meda Group, including those shares in the 1st and 2nd plaintiffs, for a total consideration of RM200 million, payable by four instalments.

So far as material to this application, it was a term of the said eight sale and purchase agreements that the defendants were to become the legal and beneficial owners of the 3rd and 4th plaintiffs' shares in the Meda Group upon payment of the 2nd instalment.

The 3rd and 4th plaintiffs further entered into a Master Agreement dated 22 April 1997 with the defendants wherein (so far as it is relevant to this application) it was agreed that the 1st and 2nd plaintiffs were given as security for the payment of the 2nd, 3rd and 4th instalments payable by the defendants pursuant to the eight sale and purchase agreements.

It is not dis