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MATERIAL LITIGATION MALAYSIAN GENOMICS RESOURCE CENTRE BERHAD (COMPANY OR MGRC) - ORIGINATING SUMMONS AT THE KUALA LUMPUR HIGH COURT AGAINST THE COMPANY

MALAYSIAN GENOMICS RESOURCE CENTRE BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
MALAYSIAN GENOMICS RESOURCE CENTRE BERHAD (COMPANY OR MGRC)
- ORIGINATING SUMMONS AT THE KUALA LUMPUR HIGH COURT AGAINST THE COMPANY

 

1. INFORMATION ON THE ORIGINATING SUMMONS

The Company has on 11 January 2024, received an Originating Summons (“OS”) from Aswath A/L Ramakrishnan (“Plaintiff”), an Independent Non-Executive Director of the Company, pursuant to Sections 347 and 348 of the Companies Act, 2016, for the alleged breach of fiduciary duties of the relevant personnel of the Company in connection with the trading of shares executed by MGRC Trading Sdn Bhd that had caused losses to the Company.  The applications made by the Plaintiff are as follows:

(a) Commencement of any proceedings against the Director and relevant officers of the Company;

(b) Appointing an independent auditor to conduct an independent review and investigation;

(c) To obtain the relevant documentation and full cooperation from the relevant parties including officers of the Company until the disposal of the OS;

(d) Costs associated with the OS; 

(e) Any other reliefs which the Court deems fit to grant.

2. THE FINANCIAL AND OPERATIONAL IMPACT OF THE OS

Apart from the potential costs which may be incurred the Company associated with the corresponding legal costs, other costs in relation thereto have yet to be determined, and hence, there is no financial and operational impact of the OS on the Company.

3. STEPS TAKEN AND PROPOSED TO BE TAKEN BY THE COMPANY IN RESPECT OF THE OS

The Company will be obtaining the necessary legal advice from solicitors with regards to the above OS filed by the Applicant as well as to appoint an Independent Committee to review the matter before deciding the next course of action to be taken.

4. FURTHER ANNOUNCEMENT

Further announcement will be made to Bursa Malaysia Securities Berhad as and when there are material developments on the above matter.

This announcement is dated 15 January 2024.






Announcement Info

Company Name MALAYSIAN GENOMICS RESOURCE CENTRE BERHAD
Stock Name MGRC
Date Announced 15 Jan 2024
Category General Announcement for PLC
Reference Number GA1-15012024-00040



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