Latest news with #CompaniesAct1965
New Straits Times
5 days ago
- Business
- New Straits Times
High Court orders compulsory winding up of TH Heavy Engineering
High Court orders compulsory winding up of TH Heavy Engineering New Straits Times KUALA LUMPUR: The High Court has ordered TH Heavy Engineering Bhd's (THHE) liquidation to proceed under court supervision, following concerns over how the voluntary process was managed. In a landmark decision, only the second of its kind in Malaysian legal history, the court ruled that the voluntary process failed to uphold the interests of creditors, especially independent ones holding the majority of THHE's debt. The consensus among independent creditors—who hold 74.6% of debts—alongside support from parties like NSF Engineering and the lack of opposition, presented a strong case for court-supervised liquidation, Justice Atan Mustapha Yussof Ahmad said in a written judgment. "The breaches of statutory provisions in the voluntary liquidation process, conflicts of interest of the interim liquidators, questionable circumstances surrounding the voluntary liquidation, and the compelling need for independent investigation all point inexorably to the conclusion that compulsory liquidation under court supervision is necessary," Atan said. The judge outlined the basis for granting the petition by Global Mariner Offshore Services Sdn Bhd (GMOS) and two other creditors under Sections 464(1) and (2) of the Companies Act 2016, including the appointment of independent liquidators. THHE was incorporated on Nov 18, 2003 under the Companies Act 1965, and was formerly known as Ramunia Holdings Berhad. The company was previously a public company listed on Bursa Malaysia, involved in the business of fabrication of oil and gas structures, construction services and management services. On April 28, 2017, THHE was classified as a PN17 affected listed issuer. Despite being granted eight extensions over a period of five years, THHE failed to submit an acceptable regularisation plan to address its PN17 status. Consequently, on 5 May, 2022, THHE was delisted by Bursa Malaysia. THHE's majority shareholder is Urusharta Jamaah Sdn Bhd (UJSB), a Finance Ministry-owned entity set up in 2010 to take over assets from Lembaga Tabung Haji. The court ordered THHE be wound up by the court under Section 464(1) of the CA 2016. It also ordered Lim Tian Huat and Chiang Teng Guan to be appointed as joint and several liquidators of THHE.
Daily Express
18-06-2025
- Politics
- Daily Express
Final verdict nears in SIS's legal battle to annul ‘deviant' fatwa
Published on: Wednesday, June 18, 2025 Published on: Wed, Jun 18, 2025 By: Alysha Edward, FMT Text Size: The Federal Court is set to rule on the constitutionality of a fatwa issued by the Selangor religious authorities declaring the organisation 'deviant' for subscribing to 'liberalism' and 'religious pluralism'. PETALING JAYA: The Federal Court is set to rule on Thursday in a high-profile case involving a fatwa by the Selangor religious authorities that labelled women's rights group Sisters in Islam Forum (Malaysia) (SIS) a 'deviant' organisation. SIS is appealing a 2023 Court of Appeal ruling that dismissed its challenge against a fatwa issued by the Selangor Islamic religious council (Mais) 11 years ago. Advertisement In 2014, Mais had decreed that SIS had deviated from the teachings of Islam by purportedly subscribing to 'liberalism' and 'religious pluralism'. Case history and contentions In October 2014, SIS, a company limited by guarantee established under the Companies Act 1965, filed for judicial review. It contended that the fatwa was unconstitutional and could not be imposed on a corporate entity governed by civil law. The case has since evolved into a constitutional battle over whether religious edicts can be enforced against non-religious organisations, and whether the civil courts have jurisdiction to review them. In its court filings, SIS also argued that certain terms used in the fatwa, such as 'liberalism' and 'pluralism', were vague and undefined, making enforcement arbitrary and open to abuse. The group questioned whether state religious authorities could direct federal bodies like the Malaysian Communications and Multimedia Commission (MCMC) to enforce such orders, raising concerns over the overlap of power between state religious authorities and federal jurisdiction. In 2016, the High Court dismissed SIS's leave application on jurisdictional grounds, but the Court of Appeal later reversed that decision, allowing the inter partes hearing to take place. In 2019, the High Court heard the case on its merits and dismissed it, holding that the fatwa was not a final decision and, therefore, was not amenable to a judicial review. In 2022, the Federal Court, on an application by SIS, declared Section 66A of the Administration of the Religion of Islam (State of Selangor) Enactment 2003 to be unconstitutional. The provision had attempted to grant shariah courts the power to hear and decide judicial reviews against decisions made by the state's religious councils or committees. In March 2023, the Court of Appeal in a 2-1 decision, upheld the High Court's 2019 ruling. However, the dissenting judge on the panel ruled that a fatwa cannot be enforced on a company, as the shariah jurisdiction is only meant to attach to individuals who profess the Islamic faith. Arguments in the Federal Court In the Federal Court, SIS argued that the fatwa violated its constitutional rights to freedom of expression, association and religion. It also said the fatwa was issued without due process, as the organisation was not given the opportunity to defend itself. Mais and the state fatwa committee, for their part, argue that they had the necessary jurisdiction to issue the fatwa. They claim the fatwa is consistent with Islamic teachings, and that SIS was merely seeking to undermine their religious authority. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Borneo Post
28-04-2025
- Business
- Borneo Post
Companies Commission of Malaysia moves towards full digitalisation via MBRS 2.0
Armizan (fourth left) presents the mock key to the 'van jenazah' to a representative of Masjid Al-Ummah, as Ting (third left), Mohd Sayuthi (second left) and others look on. MIRI (April 28): The Companies Commission of Malaysia (SSM) will cease the acceptance of physical submission of statutory documents at its counters this June 1, in a move to accelerate the government's digitalisation agenda. Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali announced this at the official opening of the new SSM Miri branch, located at Miri Times Square in Marina Parkcity, here yesterday. 'This move aligns with the Madani Government's vision to enhance service efficiency, transparency, and user-friendliness of public service delivery,' said Armizan. The transition to online services would be facilitated through the Malaysian Business Reporting System 2.0 (MBRS 2.0), an enhanced platform for filing annual returns, financial statements, and statutory documents. The MBRS 2.0 implementation has been carried out in phases since Dec 1 last year, initially covering submissions under the Companies Act 2016, including unaudited financial statements, annual returns, and exemption applications. Phase 2, which kicked off on March 1 this year, expanded coverage to submissions under the Companies Act 1965, involving financial institutions and foreign companies. The final phase, set for June 1, would require the online submission of all audited financial statements and court order-related documents, thereby fully ending manual submissions. Meanwhile, the federal minister hailed the opening of the new Miri branch as underscoring SSM's commitment to strengthening corporate services in northern Sarawak, particularly in Bintulu, Limbang and Lawas. 'This facility will serve as a central hub for company and limited liability partnership (LLP) registrations, statutory document filings, customer advisory services, certificate issuance, and user verification,' added Armizan. According to SSM statistics as of March 31, 2025, Sarawak recorded 89,290 incorporated companies and 2,052 LLPs, with nearly half actively operating. In Miri alone, 24,009 companies and 397 LLPs have been registered, reflecting the city's dynamic economic growth. In conjunction with the launch, Armizan presented SSM's Corporate Zakat Wakalah and Corporate Social Responsibility (CSR) contributions amounting to RM197,356. This included the donation of a RM137,356 'van jenazah' (hearse) to Masjid Al-Ummah in Tudan, and RM60,000 in aid to the underprivileged groups, people with disabilities, and suraus across Miri. The Miri branch joins SSM's expanding network of owned premises, which also includes its headquarters Menara SSM in Kuala Lumpur and offices in Melaka, Sarawak and Perak. Present at the ceremony were Deputy Minister of Tourism, Creative Industry and Performing Arts Sarawak Datuk Sebastian Ting, Miri Resident Galong Luang, chief secretary to Armizan's ministry Datuk Seri Mohd Sayuthi Bakar, and SSM chief executive officer Datuk Nor Azimah Abdul Aziz. Armizan Mohd Ali Companies Commission of Malaysia digitalisation lead
Borneo Post
28-04-2025
- Business
- Borneo Post
SSM moves towards full digitalisation via MBRS 2.0
Armizan (fourth left) presents the mock key to the 'van jenazah' to a representative of Masjid Al-Ummah, as Ting (third left), Mohd Sayuthi (second left) and others look on. MIRI (April 28): The Companies Commission of Malaysia (SSM) will cease the acceptance of physical submission of statutory documents at its counters this June 1, in a move to accelerate the government's digitalisation agenda. Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali announced this at the official opening of the new SSM Miri branch, located at Miri Times Square in Marina Parkcity, here yesterday. 'This move aligns with the Madani Government's vision to enhance service efficiency, transparency, and user-friendliness of public service delivery,' said Armizan. The transition to online services would be facilitated through the Malaysian Business Reporting System 2.0 (MBRS 2.0), an enhanced platform for filing annual returns, financial statements, and statutory documents. The MBRS 2.0 implementation has been carried out in phases since Dec 1 last year, initially covering submissions under the Companies Act 2016, including unaudited financial statements, annual returns, and exemption applications. Phase 2, which kicked off on March 1 this year, expanded coverage to submissions under the Companies Act 1965, involving financial institutions and foreign companies. The final phase, set for June 1, would require the online submission of all audited financial statements and court order-related documents, thereby fully ending manual submissions. Meanwhile, the federal minister hailed the opening of the new Miri branch as underscoring SSM's commitment to strengthening corporate services in northern Sarawak, particularly in Bintulu, Limbang and Lawas. 'This facility will serve as a central hub for company and limited liability partnership (LLP) registrations, statutory document filings, customer advisory services, certificate issuance, and user verification,' added Armizan. According to SSM statistics as of March 31, 2025, Sarawak recorded 89,290 incorporated companies and 2,052 LLPs, with nearly half actively operating. In Miri alone, 24,009 companies and 397 LLPs have been registered, reflecting the city's dynamic economic growth. In conjunction with the launch, Armizan presented SSM's Corporate Zakat Wakalah and Corporate Social Responsibility (CSR) contributions amounting to RM197,356. This included the donation of a RM137,356 'van jenazah' (hearse) to Masjid Al-Ummah in Tudan, and RM60,000 in aid to the underprivileged groups, people with disabilities, and suraus across Miri. The Miri branch joins SSM's expanding network of owned premises, which also includes its headquarters Menara SSM in Kuala Lumpur and offices in Melaka, Sarawak and Perak. Present at the ceremony were Deputy Minister of Tourism, Creative Industry and Performing Arts Sarawak Datuk Sebastian Ting, Miri Resident Galong Luang, chief secretary to Armizan's ministry Datuk Seri Mohd Sayuthi Bakar, and SSM chief executive officer Datuk Nor Azimah Abdul Aziz. Armizan Mohd Ali Companies Commission of Malaysia digitalisation lead
Daily Express
27-04-2025
- Business
- Daily Express
MBRS 2.0 Phase 3: June 1 launch, end of physical submissions
Published on: Sunday, April 27, 2025 Published on: Sun, Apr 27, 2025 By: Bernama Text Size: MIRI: The third phase of implementation for the Malaysian Business Reporting System 2.0 (MBRS 2.0) will begin on 1 June, involving documents under the Companies Act 2016, Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali ( pic ) said. He said that with this phase's implementation, the physical submission of statutory documents at the Companies Commission of Malaysia (SSM) counters will be completely discontinued starting from that date. 'Phase 3 will take effect on June 1 this year, covering Audited Financial Statements (AFS), applications and submissions for rectification or court orders for AFS, as well as all applications related to time extensions or exemptions for AFS under the Companies Act 2016." 'This aligns with the MADANI government's agenda to boost digitalisation of government agency services,' he told a press conference after officiating the SSM Miri branch office at Miri Times Square, Marina ParkCity, here today. Armizan said MBRS 2.0 is an enhanced version of the original MBRS system, designed to streamline the submission process for annual returns, financial statements, reports and exemption applications in stages under the Companies Act 2016 and Companies Act 1965. Armizan said the system was developed as a digital platform to replace physical counter submissions, aiming to improve efficiency, transparency and user convenience. He said Phase 1 of mandatory statutory document submissions via MBRS 2.0 was implemented from Dec 1 last year, covering Annual Returns (AR), Unaudited Financial Statements and Reports (UFS), Exempt Private Company (EPC) Certificates, as well as applications for rectification or court orders for AR and UFS under the Companies Act 2016. Phase 2, effective March 1, involves AR, Financial Statements and EPC Certificates under the Companies Act 1965, Financial Statements for financial institutions regulated by Bank Negara Malaysia under the Companies Act 1965 and 2016, and documents related to foreign companies. At the event, Armizan also presented corporate zakat wakalah and Corporate Social Responsibility (CSR) contributions from SSM totalling RM197,356. A hearse van worth RM137,356 was handed over to the Al Ummah Mosque here, while RM60,000 was distributed to asnaf (recipients eligible to receive zakat), persons with disabilities (PwD) associations and surau around Miri. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
