KUALA LUMPUR, Nov 11 — The High Court today dismissed Serba Dinamik Holdings Bhd’s (SDHB) application for an ad interim injunction against Bursa Malaysia and audit firm Ernst & Young Consulting Sdn Bhd (E&Y) to prevent them from releasing a report on findings about the company.
SDHB, an integrated oil and gas services provider, filed the originating summons and injunction application on Nov 3 and 5 repectively, naming Bursa Malaysia and E&Y as the sole defendants.
Counsel Mohamed Izzul Faris, who represented SDHB as the plaintiff, said Judge Datuk Ahmad Fairuz Zainol Abidin granted the the company’s application to adjourn the hearing of both applications (originating summons and injunction) to enable SDHB to file an affidavit-in-reply against the affidavit filed by Bursa Malaysia and E&Y.
“However, the court rejected our application to obtain the ad interim injunction. The court ordered the plaintiff to file its affidavit-in-reply within a week starting today and set Dec 8 for the hearing of the two applications (originating summons and injunction),” he said when contacted by reporters after the online proceedings today.
Also attending the proceedings were counsel Datuk Loh Siew Cheang representing Bursa Malaysia and counsel Gopal Sreenevasan, who acted on behalf of E&Y.
The interim ad injunction serves to temporarily protect the plaintiff who filed the application by preserving the status quo pending the hearing of the interim injunction.
In its originating summons application, SDHB, among others, is seeking a declaration that the instruction given by the defendant (Bursa Malaysia) dated June 28, 2021 and July 2, 2021 to the plaintiff to appoint E&Y as a special auditor to conduct a “Special Independent Review” (SIR) made pursuant to paragraphs 2.23 and 2.24 of the Main Market Listing Requirements (MMLR) is in excess of power, null and void and of no effect.
The plaintiff is also seeking an order the defendant, whether by itself or its servants, agents, representatives or third parties, be restrained from making any announcement or otherwise publish, distribute or make available to anyone the “Factual Findings Update” prepared by E&Y pending final disposal of the originating summons.
In addition, SDHB is also seeking damages against Bursa.
SDHB has also filed an originating summons against E&Y seeking reliefs and a declaration that E&Y was not an ‘auditor’ within the definition of MMLR as well as a declaration that E&Y had misrepresented to SDHB that they could be appointed pursuant to paragraphs 2.23 and 2.24 of the MMLR.
SDHB is also seeking interim injunctive relief against E&Y pending the full and final disposal of the originating summons to restrain E&Y from releasing, revealing, divulging and/or disseminating any findings, report, memorandum, opinion about SDHB and its group of companies, whether in whole or in part, to anyone, in any format, whether in print, electronically, or via any media or forum. — Bernama
