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Tan Sri Dato

 

The Federal Court dismissed the directors’ leave to appeal against the Court of Appeal’s decision which held that notwithstanding the appointment of a provisional liquidator in respect of a company listed on the stock exchange, the directors must still comply with the Listing Requirements of Bursa Malaysia Securities Berhad (“LR”). This decision has significant impact on the duties of directors of a public listed company to comply with the LR.


The Court of Appeal had held that the Listing Requirements derive statutory force from the Capital Markets and Services Act 2007 and thus, must be strictly complied with. Further, the Court of Appeal held that the directors’ duties under the CMSA vis-à-vis compliance of the LR are separate from their duties under the Companies Act 1965.

 

The Court of Appeal’s judgment is reported in [2012] 3 CLJ 837 and [2012] MLJU 192. Counsel for Bursa at the Court of Appeal was Lim Chee Wee with associate Kwan Will Sen.

 

The High Court’s judgment is reported in [2012] 7 MLJ 85. Counsel for Bursa at the High Court was Preetha Pillai with associate Deepa Nambiar.

 

 
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