KUALA LUMPUR (Aug 9): ILB Group Bhd and its board members have filed an application to strike out a suit filed by minority shareholder BT Investment Capital Ltd, which wants to block ILB from acquiring commercial property in Petaling Jaya.

ILB, along with its chairman Datuk Karownakaran @ Karunakaran Ramasamy, chief executive officer Tee Tuan Sem, executive director Makoto Takahashi, non-executive directors Wan Azfar Wan Annuar, Datuk Wan Hashim Wan Jusoh, Soh Eng Hooi and Jamilah Kamal, as well as Impian Nuri Sdn Bhd, filed the application through Messrs Chooi & Company Cheang & Ariff in the Shah Alam High Court on Monday (Aug 8).

ILB (previously known as Integrated Logistics Bhd) and the other defendants claimed that BT Investment Capital had no locus standi (legal standing) to bring the action, as it is not the beneficial owner of the company’s shares, because the claimed shares are registered under UOB Kay Hian Nominees (Asing) Sdn Bhd.

Tee, who affirmed an affidavit of support, said that BT Investment Capital is not a member of ILB, and thus cannot bring a direct claim under Section 346 of the Companies Act 2016 via an originating summons (OS).

“BT Investment Capital is also not within the extended meaning of the term ‘member’ in Section 345(a) of the Companies Act 2016 — ‘a person who is entitled to be registered as a member of a company’.

“As such, it does not have the locus standi to file the OS,” Tee said in the affirmed affidavit sighted by theedgemarkets.com.

It was reported that BT Investment Capital filed the suit against the logistics services company on Aug 2 to thwart the purchase of nine parcels of commercial land with shoplots in Seksyen 19, Petaling Jaya, Selangor, from Impian Nuri Sdn Bhd for RM15.9 million.

The purchase price will be satisfied via the issuance of 37.78 million shares in ILB.

The minority shareholder filed the suit on the grounds that the purchase could dilute shares held by existing shareholders.

The OS was filed by businessman Low Bok Tek, on behalf of BT Investment Capital, to seek a hearing in the Shah Alam High Court on Aug 17.