KUALA LUMPUR: The Securities Commission (SC) has cautioned MUDAJAYA GROUP BHD [] and its board of directors to ensure compliance with the securities laws and Bursa Malaysia in disclosing the transactions.
The caution was related to Mudajaya's disclosures about its investments in the independent power plant (IPP) project in India which were made prior to Aug 30, 2010, as the SC viewed these disclosures were inadequate.
Mudajaya said on Thursday, Oct 6 that the SC had cautioned that it 'will not hesitate to take appropriate action against Mudajaya and its directors if they are found to have breached any provisions of the securities laws or Bursa's disclosure requirements in future'.
To recap, the SC had on Aug 12, asked for a S320 report under the Capital Markets & Services Act 2007 from the auditors of Mudajaya, Ernst & Young, whose report was dated 9 September 2010.
The SC has also reviewed all disclosures made by Mudajaya with respect to transactions related to the aforesaid project and had found that the disclosure made prior to Aug 30, 2010 by MGB pertaining to the IPP project were inadequate.
The SC then required Bursa Malaysia to direct Mudajaya to make additional disclosures on specific areas. These additional disclosures were made on Aug 30.
Mudajaya said the SC cautioned and reminded the company and its board of directors to ensure continuous compliance with Bursa's disclosure requirements and to maintain the requisite standards in fulfilling its disclosure obligations.
It said the 'SC expects the boards and senior management of public listed companies to observe high standards of corporate governance in discharging their duties and responsibilities'.
The caution was related to Mudajaya's disclosures about its investments in the independent power plant (IPP) project in India which were made prior to Aug 30, 2010, as the SC viewed these disclosures were inadequate.
Mudajaya said on Thursday, Oct 6 that the SC had cautioned that it 'will not hesitate to take appropriate action against Mudajaya and its directors if they are found to have breached any provisions of the securities laws or Bursa's disclosure requirements in future'.
To recap, the SC had on Aug 12, asked for a S320 report under the Capital Markets & Services Act 2007 from the auditors of Mudajaya, Ernst & Young, whose report was dated 9 September 2010.
The SC has also reviewed all disclosures made by Mudajaya with respect to transactions related to the aforesaid project and had found that the disclosure made prior to Aug 30, 2010 by MGB pertaining to the IPP project were inadequate.
The SC then required Bursa Malaysia to direct Mudajaya to make additional disclosures on specific areas. These additional disclosures were made on Aug 30.
Mudajaya said the SC cautioned and reminded the company and its board of directors to ensure continuous compliance with Bursa's disclosure requirements and to maintain the requisite standards in fulfilling its disclosure obligations.
It said the 'SC expects the boards and senior management of public listed companies to observe high standards of corporate governance in discharging their duties and responsibilities'.
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