Court Denies Serba Dinamik S Injunction Against Bursa

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Serba Dinamik Holdings Bhd filed its originating summons and injunction application in November 2021, naming Bursa Malaysia Bhd and Ernst & Young Consulting Sdn Bhd as the defendants.KUALA LUMPUR: The High Court today rejected Serba Dinamik Holdings Bhd’s bid for an injunction to prevent Bursa Malaysia Bhd (Bursa) from compelling the oil and gas services provider to release the factual findings update (FFU) prepared by audit firm Ernst & Young Consulting Sdn Bhd (EY).
High Court judge Ahmad Fairuz Zainol Abidin said Serba Dinamik’s application for an injunction against Bursa was not defensible and factually not supported, given the undertaking the company had with regards to contractual obligations with Bursa.
“The court should not second-guess the functions of a regulator in imposing such conditions. There would be chaos if the court were to choose and accept to undertake Serba Dinamik’s own interpretation rather than that of Bursa, which is the regulator,” Fairuz said in today’s online proceedings.
He added that Bursa had not acted in excess of its power when it suspended Serba Dinamik’s shares.

According to the judge, Bursa was simply carrying out its duties under Section 11 of the Capital Markets and Services Act 2007 as a regulator due to unusual activity in the shares.
“It would be a failure on the part of Bursa if it did not go through with the suspension. The court finds that Bursa acted within its powers in making the said directive to announce the FFU.
“The court, therefore, dismisses this application,” Fairuz said. He also ordered Serba Dinamik to pay Bursa RM30,000 in costs.
Serba Dinamik filed the originating summons and injunction application in November 2021, naming Bursa and EY as the defendants.
In the originating summons, Serba Dinamik as the plaintiff sought a declaration that the instruction given by Bursa to appoint EY as a special auditor to conduct a special independent review under the main market listing requirements (MMLR) was in excess of power, null and void and of no effect.
The plaintiff also sought an order that the defendant be restrained from publishing, distributing or making available to anyone the FFU prepared by EY pending the final disposal of the originating summons.
Serba Dinamik also filed an originating summons against EY seeking relief and a declaration that the audit firm was not an “auditor” within the definition of the MMLR. - FMT

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