Serba Dinamik sues Bursa Malaysia for acting in 'excess of power'

KUALA LUMPUR: In an unprecedented move, Serba Dinamik Holdings Bhd (SDHB) has filed an originating summons (OS) against Bursa Malaysia for acting in excess of power, including its action on Oct 22 to suspend trading of the company's shares.

SDHB filed the legal action at the High Court here on Nov 3 naming Bursa Malaysia as the sole defendant.

According to the OS, the plaintiff is seeking a declaration that the defendant has no power to instruct or direct the plaintiff to take any steps, action, or engage in any conduct which may contravene or otherwise may not comply with MMLR.

The plaintiff is also seeking a declaration that the defendant had acted in contravention of Section11(3)(a) of the Capital Markets and Services Act 2007 (CMSA) and a declaration that the defendant has no power to direct or instruct the plaintiff.

The SDHB seeking an order that the defendant be restrained from issuing any instruction to the plaintiff to undertake any special independent review or any review or investigation into the affairs of the plaintiff or any of its subsidiaries as well as damages and costs.

-- BERNAMA