Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on August 16, 2019

KUALA LUMPUR: Apex Equity Holdings Bhd yesterday withdrew its stay application for its shareholder Pinerains Sdn Bhd, which holds a nearly 5% stake, to transfer the case before High Court judge Justice Azizul Azi Adnan.

This was revealed by Pinerains’ lawyer Tharminder Singh and affirmed by Apex Equity’s lawyer Mak Lin Kun to Justice Azizul.

Following that, Justice Azizul struck down Apex Equity’s application for stay and made no order as to costs.

Yesterday was initially fixed for the hearing of the stay application over the transfer.

It was previously reported on July 31 that Judicial Commissioner Datuk Ahmad Fairuz Zainol Abidin had allowed the transfer of Pinerains’ suit against Apex Equity, JF Apex Securities Sdn Bhd, Alliance Investment Bank Bhd, directors Datuk Azizan Abdul Rahman, Lee Cheow Fui, G Chithra and Choong Chee Meng to be heard in Justice Azizul’s court, which is hearing two other Apex Equity cases.

Pinerains filed the suit on July 5, claiming that the circular issued for the extraordinary general meeting (EGM) last June was misleading for the proposed merger between Apex’s subsidiary JF Apex Securities and Mercury Securities.

Following yesterday’s withdrawal, Justice Azizul ordered the defendants that should they want to file the striking-out application, they should do so before Sept 12.

He also fixed Sept 19 for the hearing of Pinerains’ injunction application to stop the merger until the disposal of its suit.

Yesterday, the High Court fixed Sept 20 to hear Pinerains’ other suit against Apex Equity for a discovery application of how the votes for the EGM last June went on.

The hearing of the application is fixed before another High Court judge Justice Darryl Goon on Sept 20 by deputy registrar Norazihah Asmuni.

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