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Serba Dinamik challenges Bursa in court
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Publish date: Mon, 08 Nov 2021, 04:54 PM
KUALA LUMPUR (Nov 8): Serba Dinamik Holdings Bhd has filed an originating summons (OS) against Bursa Malaysia Securities to challenge the stock exchange's directives concerning the appointment of a special auditor to conduct a special independent review and the disclosure of the findings of the review, arguing that they are in excess of Bursa's powers.
The originating summons was filed last Wednesday (Nov 3) in the Kuala Lumpur High Court, according to Serba Dinamik’s filing with the local bourse on Monday.
“The circumstances leading to the filing of the OS by SDHB (Serba Dinamik) are based on, inter alia, SDHB’s contention that the instructions given by Bursa dated June 28, 2021 and July 2, 2021 respectively to SDHB to appoint Ernst & Young Consulting Sdn Bhd as a special auditor to conduct a 'special independent review' made pursuant to Paragraphs 2.23 and 2.24 of the Main Market Listing Requirements were in excess of Bursa’s powers.
“It is also SDHB’s contention that Bursa’s instruction to SDHB dated Oct 22, 2021 to announce a 'factual findings update' made by Ernst & Young Consulting Sdn Bhd was also in excess of its powers and ought to be declared as null and void,” according to the group.
https://www.theedgemarkets.com/article/serba-dinamik-challenges-bursa-court
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Discussions
Be the first to like this. Showing 16 of 16 comments
being a public listed company, a lot of rules have to be followed. Better for Karim to take his companies to private if governance is an issue..
2021-11-08 19:38
named any listed company in Malaysia that sues bursa? SD having done so is improper n will b held accountable to give d truth to their shareholders!
2021-11-08 19:57
K-factor sudah gone with the wind.
Sooo desperate jor meh.. sue Bursa means severe ties with the regulator
No u-turn for SD, SCIB and kpower as Bursa would tighten their survelliance against ini K-factor all out
SD n SCIB suspended, next KPower???
2021-11-08 22:41
never disclose any information to the public while trading in and out of company shares leaving most investors out there clueless. bursa is spot on with this.
2021-11-09 00:45
"Pursuant to paragraph 9.28(6) of the LR, if a listed issuer fails to issue the outstanding financial statements within 6 months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take, de-listing procedures shall be commenced against such listed issuer."
2021-11-09 07:30
"Within 6 months from the expiry of the relevant timeframes" after suspension, delisting shall commence.
2021-11-09 07:32
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Haiyo...suspend not good meh? prevent stock further drop due to guessing of SIR...hehe...unless...
2021-11-08 17:05