Court allows Indian Corridor’s appeal

MYT 6:46:36 PM

PETALING JAYA: The Court of Appeal has allowed Indian Corridor Sdn Bhd and Pembangunan Qualicare Sdn Bhd’s bid against a High Court decision that ruled against their plan to hold an EGM to remove several Golden Plus Holdings Bhd (GPlus) directors in January this year. 

GPlus told Bursa Malaysia on Friday the Court of Appeal had allowed the bid made by Indian Corridor and Pembangunan Qualicare and details of the order “will be announced on Monday or at a date when the order is forwarded to the company.” 

Indian Corridor had called for an EGM to be held on Jan 26 to remove the latter’s entire board of directors. It was unhappy with the management agreement entered into by a unit of GPlus with a Hong Kong company last July. 

Indian Corridor, together with Pembangunan Qualicare, had then issued a special notice in late December calling for an EGM to remove GPlus’s directors - chairman Datuk Abdul Halim Abdul Rauf, executive directors Low Thiam Hoe and Goh Sin Tien, and directors Tan Sri Lamin Mohd Yunus, Jeyaraj V. Ratnaswamy and Yeoh Hor San. 

They had proposed to appoint Indian Corridor’s chief executive officer Datuk Ooi Kee Liang as Gplus’ new managing director and four others to the board. 

However, the GPlus board sought court action to declare the proposed EGM as invalid and null and void.  

The High Court of Shah Alam had on Jan 25, allowed GPlus board’s appeal but this was contested by Indian Corridor and Pembangunan Qualicare. 

Indian Corridor became a substantial shareholder in GPlus when it acquired 27.33 million shares in early November. Pembangunan Qualicare owns 1.67 million shares or 1.15% stake in GPlus.

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