SMRT sued by minority shareholders of subsidiary

PETALING JAYA: SMRT Holdings Bhd is being sued by minority shareholders of its subsidiary N’osairis Technology Solutions Sdn Bhd (NTSSB) for allegedly oppressing the minority shareholders.

In a filing with Bursa , SMRT said it received a notice of commencement of legal proceedings from the solicitors acting for three minority shareholders of NTSSB namely Stalin Thangaiah Vijaya Kamaraj, Balasubramaniam Manikam and Navindra Sivaratnam, by way of an originating summons and an affidavit dated Nov 28.

The plaintiffs alleged that SMRT had used its position as the majority shareholder in NTSSB to oppress the minority shareholders.

“The company firmly denies the allegations made by the minority shareholders and is of the view that they are without basis. The company has accordingly instructed its solicitors to defend and protect the company’s rights and interests in the matter,” it said.

Source: The Sun Daily

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