IRIS CORPORATION BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description WINDING UP PETITION SERVED ON THE COMPANY
IRIS CORPORATION BERHAD (“the Company”) wishes to announce that it has been served with a winding-up petition, details of which are as follows:

(a) A winding-up petition dated 11.8.2016 (“the Petition”) taken out by RICOH (MALAYSIA) SDN BHD (‘RICOH’) was served on the Company on 22.8.2016;

(b) RICOH claims against the Company for the sum of RM 242,312.63 being the judgment sum based on the judgment dated 17.6.2016 (“the Judgment”) obtained against Seri Stamford College Sdn Bhd (“Seri Stamford”) being the first defendant and the Company being the second defendant at Kuala Lumpur High Court vide Writ No. WA-A52NCVC-90-02/2016;

(c) The Petition arises from RICOH’s purported demand via notice under section 218 of the Companies Act 1965 (“the Notice”) dated 12.7.2016 for the aforesaid sum of RM242,312.63, to which the Company through its Advocates, Messrs Bahari & Bahari, Kuala Lumpur had replied denying RICOH’s claim which is in the midst of an appeal proceeding to the Court of Appeal;

(d) The Notice of Appeal against the Judgment was filed on 30.6.2016. The Record of Appeal was filed on 22.7.2016. The matter has been fixed for a further case management on 21.9.2016;

(e) The Company is of the view that there is no financial and operational impact on the Group as the winding-up petition is frivolous and vexatious and/or an abuse of the process of the Court. RICOH’s purported claim is already in the midst of an appeal proceeding to the Court of Appeal. In addition, Seri Stamford was not named in the Notice and the Petition despite being the first defendant;

(f) Save for legal fees and disbursements involved to challenge and oppose the winding-up petition, the Company is not expected to incur losses arising from the winding up proceedings; and

(g) The Company will categorically challenge and oppose the Petition with a view to having the same dismissed or struck out as RICOH’s purported claim and demand is an abuse of the process of the Court. Further, Seri Stamford and the Company will continue to pursue the current ongoing appeal proceedings against the Judgment before the Court of Appeal. Seri Stamford and the Company will categorically defend this purported claim. As such all disputes in respect of the matter are pending determination in the ongoing appeal proceedings.

QR out ?

Always steady in the morning n turns red in the afternoon

Looks like going back to RM0.14

Where the news from HL Ind interested in Iris stake... True ? If true y still dropping like no tomorrow???

With all good news but price keeps dropping ... Something not right n doesn't make sense

RM0.175....

doing low ... where got rebound ???

still got chance to go above RM0.20 ???

OMG.... how ? my cost RM0.235. cut or hold

Scary

Sellers a lots.............

wa red again..... wtf

sellers keep popping out//....

donno the sharks is throwing or collecting....

mother uptrend daughter wa downtrend... funny

scary dropping everyday after 1 day rally

RM0.185 0.19.... DIE STRAIGHT STRAIGHT

Mother up but daughter down 1 ct....hopeless

Mother up warrant A down 1 ct... Hopeless

if close below RM0.20... i think is a sell signal...

really below RM0.20

force selling time ....

red red ocean

WA ... The worst counter I ever had

Below 0.20 today ?????

Anyone stuck ? WA ..

WA still sleeping zzzzzzzz

Open red ref

AAX WA used to RM0.33 when AAX 0.41.. What happened !!!!!

Tension.... I m holding AAX WA

no one buy or hold WA ??

i m holding AAXW RM0.33 last time.... y so slow

wa soooo slow

Today below RM0.20 ?

Why WA so slow ? Over price ?

Why AAX WA so slow ?????

Too bad closed Red

Something moving ? What do u mean ?

turning red

sellers volume is bigger than buyers now... sighs...........

if turns red sure will cause panic selling

sellers at RM0.215 is great.... and all are big sharks...

This type of momentum how to break RM0.30

powerless.... so many sellers

Speechless ... Just pray

Die lo

I bot at RM0.235......

flyingkite said from peak when the price was RM1.20..... LOL.. calling people to buy now....

Investors are more keen on Bank Muamalat or Proton Saga ?