Tanoto Sau Ian v Usp Group Limited

Companies — Statutory derivative action — Bringing statutory derivative action for permanent injunction with no good legal basis and with no credible evidence — Whether proposed action was prima facie in interests of company — Section 216A(3)(c) Companies Act 1967 (2020 Rev Ed); Companies — Statutory derivative action — Bringing statutory derivative action for permanent injunction with no good legal basis and with no credible evidence — Whether applicant honestly or reasonably believed that a good action exists — Section 216A(3)(b) Companies Act 1967 (2020 Rev Ed); Companies — Members — Meetings — Beneficial shareholders seeking to requisition an extraordinary general meeting — Whether estoppel or the extended doctrine of res judicata can override the requirement that only members can requisition an extraordinary general meeting — Section 176(1) Companies Act 1967 (2020 Rev Ed)