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MATERIAL LITIGATION 1) SPECIAL NOTICE PURSUANT TO SECTION 206(3) AND 322 OF THE COMPANIES ACT 2016 OF INTENTION TO MOVE RESOLUTIONS DATED 17 FEBRUARY 2023 FROM HONSIN APPAREL SDN BHD (HONSIN) AND HIQ MEDIA (MALAYSIA) SDN BHD (HIQ) (SPECIAL NOTICE) 2) REQUEST FOR RECORD OF DEPOSITORS DATED 20 FEBRUARY 2023 3) ORIGINATING SUMMONS NO: WA-24NCC-103-02/2023

SOUTH MALAYSIA INDUSTRIES BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
1) SPECIAL NOTICE PURSUANT TO SECTION 206(3) AND 322 OF THE COMPANIES ACT 2016 OF INTENTION TO MOVE RESOLUTIONS DATED 17 FEBRUARY 2023 FROM HONSIN APPAREL SDN BHD (HONSIN) AND HIQ MEDIA (MALAYSIA) SDN BHD (HIQ) (SPECIAL NOTICE)
2) REQUEST FOR RECORD OF DEPOSITORS DATED 20 FEBRUARY 2023
3) ORIGINATING SUMMONS NO: WA-24NCC-103-02/2023

The Company refers to its announcements dated 21 February 2023, 27 February 2023 and 28 February 2023 respectively and the Kuala Lumpur Originating Summons No.: WA-24NCC-103-02/2023 which has been fixed for hearing today.

The Board of Directors wishes to reiterate that at the previous case management on 28 February 2023, the Learned Judge gave the following directions: -

1.         The Company is to file their Notice of Application for Striking Out, Affidavit in Support and Reply to the Originating Summons by 7 March 2023;

2.         Honsin Apparel Sdn Bhd and HiQ Media (M) Sdn Bhd are to file their Affidavit in Reply by 10 March 2023; 

3.         The Company to file any subsequent Affidavit in Reply to the Striking Out Application (if necessary) on 15.3.2023;

4.         The Parties to file written submissions on 17 March 2023, at 8 a.m.; and

5.         The Hearing is fixed for today, 17 March 2023, at 9 a.m.

 

The Board of Directors wishes to inform that on 15 March 2023, contrary to the directions of the Learned Judge above, Honsin Apparel Sdn Bhd & HiQ Media (Malaysia) Sdn Bhd had filed 2 additional affidavits deposed by Wong Yuet Chyn from Workshire Share Registration Sdn Bhd and Chua Szi Cian from AldPro Corporate Services Sdn Bhd respectively, providing expert opinions as share registrars asserting that 2 working days’ notice is sufficient time for a public listed company to provide the record of depositors notwithstanding that Section 34(6) of Securities Industry (Central Depositories) Act 1991 and Section 55(2) of Companies Act 2016 expressly allows a public listed company up to 21 days to provide the same.

 

The Board of Directors further wishes to inform that the Company’s legal counsel, put forth to the Learned Judge  that the late filing of the 2 additional affidavits above did not afford the Company any opportunity to respond and rebut the opinions therein; and that the Company’s legal counsel further stated that the late inclusion of the 2 additional affidavits is tantamount to litigation by ambush and requested for today’s hearing to be adjourned.

Accordingly, the Board of Directors wishes to inform that at the Hearing today, the Learned Judge allowed the adjournment with the following directions: -

1.         the Company to file their Affidavit in Reply to the 2 additional affidavits by 28 March 2023;

2.         Honsin Apparel Sdn Bhd & HIQ Media (Malaysia) Sdn Bhd are to file their Affidavit in Reply by 3 April 2023;

3.         The Parties are to file Supplementary Written Submissions by 4 April 2023; and

4.         The Hearing was adjourned to 5 April 2023.

Hence, the purported Extraordinary General Meeting mentioned in the Special Notice to be convened on 24 March 2023 will not take place. 

 

This announcement is dated 17 March 2023.






Announcement Info

Company Name SOUTH MALAYSIA INDUSTRIES BERHAD
Stock Name SMI
Date Announced 17 Mar 2023
Category General Announcement for PLC
Reference Number GA1-17032023-00037



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