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SGX mulls New Rule to protect Minority Shareholders in Delistings

Singapore

Corporate Law

News

Date: 12 June 2018; Type: Legal News; Source: Singapore Law Watch

The proposed listing rules by the Singapore Exchange Regulation could curtail the role of controlling shareholders in a voluntary delisting, giving more protection to minority shareholders against whom the odds are heavily against under such circumstances.

Other Headlines

Listing Interest lackluster despite upcoming Law

Myanmar

Corporate Law

News

Yangon, June 11 (MMT) -Though the new Myanmar Companies Law is less than three months away from being officially enforced, interest to list on the Yangon Stock Exchange (YSX) has not picked up as substantially as expected, said U Thet Tun Oo, senior executive manager of the YSX.

Date: 11 June 2018; Type: Legal News; Source: Myanmar Times

Limited Liability Partnerships (Amendment) Regulations 2018

Singapore

Corporate Law

Legislation

These Regulations come into operation on 1 June 2018.

Date: 31 May 2018; Type: Federal Subsidiary Legislation; Citation: No. S 335; Source: Singapore Statutes Online

Limited Partnerships (Amendment) Regulations 2018

Singapore

Corporate Law

Legislation

These Regulations come into operation on 1 June 2018.

Date: 31 May 2018; Type: Federal Subsidiary Legislation; Citation: No. S 336; Source: Singapore Statutes Online

Business Names Registration (Amendment) Regulations 2018

Singapore

Corporate Law

Legislation

These Regulations come into operation on 1 June 2018.

Date: 31 May 2018; Type: Federal Subsidiary Legislation; Citation: No. S 333; Source: Singapore Statutes Online

Companies (Fees and Late Lodgment Penalties) (Amendment No. 2) Regulations 2018

Singapore

Corporate Law

Legislation

These Regulations come into operation on 1 June 2018.

Date: 31 May 2018; Type: Federal Subsidiary Legislation; Citation: No. S 334; Source: Singapore Statutes Online

Lim Boon Chuan @ Lim Ban Huat v Wonderful Castle Sdn Bhd and Another

Malaysia

Corporate Law

Judgments & Rulings

Corporate law – Winding up – Liquidator – Sale of land by the liquidator on behalf of the company – Application to remove the liquidator under section 137 of the Companies Act 1965

Corporate law – Winding up – Liquidator – Application to remove the liquidator – Whether the liquidator had ac ...

Date: 23 April 2018; Court: Court of Appeal; Citation: [2018] MYCA 162; Source: Federal Court Registry

Bill of the Act to enhance Inter-LGU Cooperation

The Philippines

Corporate Law

Legislation

This Bill seeks to amend the Local Government Code for the creation of a mechanism by which LGUs that wish to organize themselves into a legal entity can access credit financing or other debt instruments, making their alliance more efficient and effective.

Date: 26 April 2018; Type: Federal Bill; Citation: SB No. 1786 of 2018; Source: Senate of The Philippines

DTI encourages Micro Enterprises to avail of Incentives under BMBE Law

The Philippines

Corporate Law

News

The Department of Trade and Industry (DTI) encouraged underground micro entrepreneurs to make formal their businesses and avail incentives readily available to them through the Barangay Micro-Business Enterprise (BMBE) Law.

Date: 18 May 2018; Type: Legal News; Source: Department of Trade and Industry

Co-Operative Societies (Assumption of Control) (Reappointment) Order 2018

Malaysia

Corporate Law

Legislation

This order by the Malaysia Co-operative Societies Commission is to reappoint Mohd Shihabuddin bin Mohd Yazid to assume control of the Koperasi Guru-Guru DTC Malaysia Berhad and its related corporations with effect from 30 March 2018 to 29 March 2019.

Date: 18 May 2018; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 124 of 2018; Source: AGC Federal Gazette

Accounting and Corporate Regulatory Authority (Filing Agents and Qualified Individuals) (Amendment) Regulations 2018

Singapore

Corporate Law

Legislation

These Regulations come into operation on 11 May 2018.

Date: 10 May 2018; Type: Federal Subsidiary Legislation; Citation: No. S 290; Source: Singapore Statutes Online

Draft Regulations of Companies Law released, go into effect in August

Myanmar

Corporate Law

News

Public consultations of the draft regulations end on May 31. Existing companies registered in Myanmar have until January 31 next year to re-register on an electronic system once the new Companies Law and related regulations come into effect on August 1. Draft regulations of the Companies Law, which was enacted last December, have been rel ...

Date: 07 May 2018; Type: Legal News; Source: Myanmar Times

Poh Leong Soon v SL Hair & Beauty Slimming Centre Pte Ltd

Singapore

Corporate Law

Judgments & Rulings

Companies - Winding up

Date: 27 April 2018; Court: High Court; Citation: [2018] SGHC 109; Source: Singapore Law Watch

Perak Integrated Networks Services Sdn Bhd v Urban Domain Sdn Bhd and Another

Malaysia

Corporate Law

Judgments & Rulings

Corporate law – Deadlock in the management and control of a company – Derivative action – Whether a derivative action can in law be brought for the benefit of a company where there is a deadlock in the board of directors (the management) and among the shareholders (the control) – Test to establish “wrongdoer control ...

Date: 16 April 2018; Court: Federal Court; Citation: [2018] MYFC 10; Source: Federal Court Registry

Abhilash s/o Kunchian Krishnan v Yeo Hock Huat and Another

Singapore

Corporate Law

Judgments & Rulings

Companies - Oppression - Minority shareholders - Share valuation

Date: 30 April 2018; Court: High Court; Citation: [2018] SGHC 107; Source: Singapore Law Watch

BY COUNTRY

Indonesia

PT Kawasan Berikat Nusantara (Persero) v PT Tirta Cipta Busana

Date: 16 January 2018; Court: Supreme Court of Indonesia; Citation: SC No. 1 K/Pdt.Sus-Pailt/2018; Source: Supreme Court of Indonesia

PT Arthafajar Mitrasejati DKK v PT Internusa Keramik Alamsari DKK more

Malaysia

Lim Boon Chuan @ Lim Ban Huat v Wonderful Castle Sdn Bhd and Another

Corporate law – Winding up – Liquidator – Sale of land by the liquidator on behalf of the company – Application to remove the liquidator under section 137 of the Companies Act 1965

Corp ...

Co-Operative Societies (Assumption of Control) (Reappointment) Order 2018 Perak Integrated Networks Services Sdn Bhd v Urban Domain Sdn Bhd and Another Christopher Tiong Chung Ang v Buroi Mining Sdn Bhd and 4 Others more

Myanmar

Listing Interest lackluster despite upcoming Law

Draft Regulations of Companies Law released, go into effect in August Draft Bill combines Corporate, Personal Insolvency in One Legislation more

The Philippines

Bill of the Act to enhance Inter-LGU Cooperation

DTI encourages Micro Enterprises to avail of Incentives under BMBE Law Shareholders' Approval on any Change/s in the Company's External Auditor Luis Juan L Virata and Another v Alejandro Ng Wee and 7 Others, and 4 Other Appeals more

Singapore

SGX mulls New Rule to protect Minority Shareholders in Delistings

Limited Liability Partnerships (Amendment) Regulations 2018 Limited Partnerships (Amendment) Regulations 2018 Business Names Registration (Amendment) Regulations 2018 more

INDUSTRY UPDATES

Government under rising pressure to correctly tax Ride-Hailing Companies

Since June 13, ride hailing companies operating in Yangon have been obliged to pay income and commercial tax to the Yangon government under the law, U Myint Thaung, regional minister of Planning and Finance said in parliament.

PM Prayut: Death Penalty is Legitimate and most People agree

BANGKOK, June 20 (NNT) - The Prime Minister, Gen. Prayut Chan-o-cha, has voiced support for the execution of convicted murderers.

Government welcomes Opinions about Implementation of Thailand 4.0 Policy

BANGKOK, June 19 (NNT) - The government continues efforts to implement the Thailand 4.0 policy while welcoming opinions from all sides on helping to achieve its goal.

On World Refugee Day, De Lima files Bill to protect Refugees and Stateless Persons

In observance of World Refugee Day, Opposition Senator Leila M. de Lima today filed a measure seeking to promote and protect the rights of refugees and stateless persons in the country and prescribe a fair procedure for their status determination and eligibility.

MoF invites Feedback on proposed changes to the Income Tax Act

The Ministry of Finance have invited interested parties to provide feedback on the draft Income Tax (Amendment) Bill 2018 from 20 June to 11 July 2018.

Labor Ministry aims to find Jobs for 100,000 Unemployed Graduates

BANGKOK, June 19 (NNT) - The Labor Minister, Pol. Gen. Adul Sangsingkeo, said the Ministry of Labor aims to find jobs for about 100,000 unemployed graduates within three months.

Ex-President Aquino sued over DAP Mess

MANILA, June 20 (PNA) - Ombudsman Conchita Carpio Morales has indicted former President Benigno Simeon Aquino III for usurpation of legislative powers in connection with the alleged anomalous Disbursement Acceleration Program (DAP).

Duterte appoints CA, Sandiganbayan Associate Justices

MANILA, June 20 (PNA) - President Rodrigo R. Duterte has appointed new associate justices at the Court of Appeals (CA) and Sandiganbayan. Duterte appointed Emily Aliño-Geluz as CA Associate Justice and Georgina Dumpit Hidalgo as Sandiganbayan Associate Justice.

Panelo on Sereno ouster: ‘The Law may be harsh, but it is the Law’

MANILA, June 20 (PNA) - “The law may be harsh, but it is the law.” Chief Presidential Legal Counsel Salvador Panelo made this remark following the Supreme Court’s decision affirming the quo warranto petition, which ousted Ma. Lourdes Sereno as Chief Justice.

Carpio to decline Nominations as Next CJ

MANILA, June 20 (PNA) - Acting Chief Justice Antonio Carpio on Wednesday said he would decline all nominations for the top judiciary post, stressing that he doesn't want to benefit from the quo warranto petition which ousted Chief Justice Ma. Lourdes Sereno.

SC begins Oral Arguments on Same-Sex Marriage

MANILA, June 20 (PNA) - The Supreme Court (SC) on Tuesday started the oral argument on the petition filed last May 2015 challenging the validity of provisions of the Family Code limiting marriage to heterosexual couples.

PCC to draft List of Fair Competition Violators

MANILA, June 20 (PNA) - The Philippine Competition Commission (PCC) announced that it will soon generate a list of industries within the manufacturing sector that violate laws on fair competition.

Government announces New MIC Appointments, U Thaung Tun as New Chair

The Union government on Saturday officially announced changes in the ranks of the Myanmar Investment Commission (MIC).

Laos, Vietnam strengthen Digital Cooperation

Laos and Vietnam have agreed to cooperate in the field of digital information technology after reaching an agreement in Vientiane on Tuesday at the Lao Blockchain Forum.

Special Committee to monitor Prices after Zero GST

KOTA KINABALU, June 20 (Bernama) - An activist on human rights and consumerism in Sabah today suggested the setting up of a special committee to ensure traders and wholesalers in Sabah reduce or maintain the low price of their goods following the abolishment of the Goods and Services Tax (GST) last June 1.

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