Serba Dinamik takes legal action against Bursa Malaysia

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Serba Dinamik Holdings Bhd (SDHB) filed an originating summons (OS) at the Kuala Lumpur High Court against Bursa Malaysia on Nov 3 in which it said the stock exchange regulator acted in “excess of power” with regard to directives given to the company concerning the requirement to conduct a special independent review and to disclose the findings of the review.In a filing with the local bourse today, SDHB said it is seeking a declaration that the instruction given by the exchange “to appoint Ernst & Young Consulting Sdn Bhd (EY) to conduct a special independent review (SIR) made pursuant to paragraphs 2.23 and 2.24 of the Main Market Listing Requirements (MMLR) is in excess of power, null and void and of no effect.”It also seeking a declaration that the instruction given by Bursa to SDHB dated Oct 22 to announce a “Factual Findings Update” made by EY is “in excess of power, …