Act does not allow buying back of shares, says Maika

  • Nation
  • Tuesday, 30 Dec 2003

From the Tamil Press

MAIKA Holdings has clarified that it did not buy back 6,250 shares from a shareholder, P. Ravichandran, but only made arrangements for another party to buy them. 

Tamil Nesan quoted the company’s financial controller K.V.R. Balakrishnan as saying that under the Companies Act, Maika is not allowed to buy back the shares from its shareholders. 

He was clarifying a report in Malaysia Nanban which said that the company bought the shares. 

Balakrishnan said the company had made similar arrangements for several others who had also approached Maika to sell their shares.  

Both Tamil Nesan and Malaysia Nanban reported Deputy Home Minister Datuk Zainal Abidin Zin as saying that there was a need to review the recruitment of Rela members following an incident in Cameron Highlands. 

In the Dec 25 incident, a Rela member shot dead 23-year-old R. Janarthana and injured his elder brother R. Muralibalan.  

Janarthana's body was handed over to his family on Dec 28 after a post-mortem was done at the Ipoh Hospital. 

Zainal said the regulations needed to be reviewed to ensure that Rela members did not misuse weapons. 

The brothers' family urged the police to take stern action against the Rela member for using the firearms, reported Tamil Nesan

State MIC chairman Datuk G. Rajoo had promised assistance to the family including legal assistance from the MIC if they wanted to initiate legal action.  

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