KUALA LUMPUR: The Court of Appeal has dismissed SYARIKAT KAYU WANGI BHD []'s appeal over the rejection of restructuring scheme and delisting.
The Securities Commission said on Thursday, May 5 the Court of Appeal had on April 29,'' ruled in favour of the SC and Bursa Malaysia to dismiss with costs Syarikat Kayu Wangi's appeal against the High Court's dismissal of its judicial review application on Sept 14, 2009.
At the Court of Appeal, after considering the submissions of all parties, Court of Appeal judges Datuk Ramly Ali, Datuk Zaharah Ibrahim and High Court Judge Datuk Azhar Mohamed agreed with the SC's and Bursa Malaysia's submission that the courts should be slow to interfere with decisions made by the capital market regulator on listing matters.
'The judges remarked that market stability would suffer if the courts were to unreasonably intervene with decisions of the regulator as this would lead to uncertainty in the market,' the SC said in the statement.
To recap, Syarikat Kayu Wangi had in December 2007 filed a judicial review proceeding at the High Court in Shah Alam, seeking Court orders to quash both the SC's decision to reject the company's restructuring scheme as well as Bursa Malaysia's decision to delist the company from the Second Board of Bursa Malaysia.
The company sought the order on the grounds that the SC and Bursa Malaysia had made their decisions without just cause.
On Sept 14, 2009, Justice Hinshawati Shariff dismissed Syarikat Kayu Wangi's application with costs and rejected Syarikat Kayu Wangi's contention that there had been a breach of natural justice.
The Securities Commission said on Thursday, May 5 the Court of Appeal had on April 29,'' ruled in favour of the SC and Bursa Malaysia to dismiss with costs Syarikat Kayu Wangi's appeal against the High Court's dismissal of its judicial review application on Sept 14, 2009.
At the Court of Appeal, after considering the submissions of all parties, Court of Appeal judges Datuk Ramly Ali, Datuk Zaharah Ibrahim and High Court Judge Datuk Azhar Mohamed agreed with the SC's and Bursa Malaysia's submission that the courts should be slow to interfere with decisions made by the capital market regulator on listing matters.
'The judges remarked that market stability would suffer if the courts were to unreasonably intervene with decisions of the regulator as this would lead to uncertainty in the market,' the SC said in the statement.
To recap, Syarikat Kayu Wangi had in December 2007 filed a judicial review proceeding at the High Court in Shah Alam, seeking Court orders to quash both the SC's decision to reject the company's restructuring scheme as well as Bursa Malaysia's decision to delist the company from the Second Board of Bursa Malaysia.
The company sought the order on the grounds that the SC and Bursa Malaysia had made their decisions without just cause.
On Sept 14, 2009, Justice Hinshawati Shariff dismissed Syarikat Kayu Wangi's application with costs and rejected Syarikat Kayu Wangi's contention that there had been a breach of natural justice.
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