This was an application to strike out an unfair prejudice petition in oppression proceedings brought by shareholders in respect of Full Apex, a company in the business of producing PET pre-forms and bottles which is listed on the Singapore Stock Exchange. The Petitioners allege that the conduct of the majority of the Company was unfairly prejudicial on the basis that: (1) there had been manipulation of the Company’s accounts and a delisting proposal put forward on the basis of the accounts manipulation; (2) the requests for explanations and information had been ignored; (3) a transaction involving a reorganisation and the sale of certain assets was a transaction at an undervalue.
The Respondents sought to strike the petition out on the basis that: (a) the Petitioners lacked standing to bring the petition for two reasons under Section 163(a) as they were not “contributories”, not having held their shares for more than six months – a requirement of bringing a winding up petition.
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In The Matter Of Full Apex Holdings Ltd. Annuity And Life Re Ltd, Et Al -v- Full Apex Holdings Ltd Et Al, 2011 Civil Jurisdiction No. 191 [original location: SC Vol. 76 p 184] (6 February 2012)