KUALA LUMPUR (Feb 8): The High Court had on Tuesday (Feb 8) dismissed Serba Dinamik Holdings Bhd’s bid to bring in the Securities Commission Malaysia (SC) and Bursa Malaysia Securities Bhd as parties in its injunction application.
The decision was delivered by Justice Datuk Ahmad Fairuz Zainol Abidin via Zoom.
Justice Ahmad Fairuz also ordered the oil and gas engineering services company to pay costs of RM5,700 to the local stock exchange operator.
In his ruling, the judge said he did not find a basis for Serba Dinamik's application to pull SC as a joiner in the action.
“The applicant cannot democratise the issue at hand. This court rules that the SC is not to be part of the present proceedings,” Justice Ahmad Fairuz said.
The court also set Feb 16 to hear the company’s interim injunction application to block the release of the fact-finding update (FFU) on its financials by special independent reviewer Ernst & Young Consulting Sdn Bhd (EY Consulting).
The SC was represented by counsel Christopher Leong, while Mak Lin Kum appeared for Serba Dinamik and Gopal Sreenevasan for EY Consulting.
The SC is already part of the watching brief in the proceedings initiated by Serba Dinamik and the actions by Bursa against the company.
A watching brief is considered an observer status, where the party appears for the organisation but can only submit or address to the court if it is allowed to do so.
Serba Dinamik had applied for an injunction to be imposed when it filed two separate cases against Bursa and EY Consulting last November.
Justice Ahmad Fairuz, however, dismissed the company's bid for an interim injunction to be imposed on the two.
Meanwhile on Monday, another High Court had ordered Serba Dinamik to reveal the FFU by EY Consulting, which was appointed to conduct a special independent review (SIR) on the public-listed company.
The group will thus have to reveal the FFU by Wednesday (Feb 9), unless it obtains a stay from the court.
"The information sought to be announced [in the FFU] is material and does not depend whether it is true, false or conclusive. The defendant (Serba Dinamik) is entitled to disagree with the information to be disclosed.
"Bursa is entitled under Section 11 of CMSA (Capital Market and Services Act 2007) to give the directive in order to uphold and maintain a fair and orderly securities market to safeguard public and investors' interests as well as take the appropriate action under the MMLR (Main Market Listing Requirements) for the purpose of monitoring and ensuring compliance of MMLR," Judicial Commissioner Wan Muhammad Amin Wan Yahya had said.
Shares in the company have been suspended from trading since Oct 22 after it dismissed Bursa’s directive to make public the FFU.
The counter last traded at 35 sen, giving it a market capitalisation of RM1.3 billion.