Kosain Bhd was formed in 2017. The share capital of the company is 100,000 which is made up of ordinary shares: Company Law Assignment, UKM, Malaysia
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Kosain Bhd was formed in 2017. The share capital of the company is 100,000 which is made up of ordinary shares. The shares are held equally by 50 fully paid shareholders. A dispute has arisen between some of the shareholders and Kosain Bhd. When the shareholders wanted to refer to the constitution of the company to resolve their disputes, they discovered that Kosain Bhd does not have a constitution. The dispute concerns a resolution that was passed by 40 of the shareholders.
The resolution provided that in view of Covid-19 which has severely affected the business of Kosain Bhd, all shareholders are required to purchase additional shares. Additionally, Kosain Bhd has made a call to all its shareholders to contribute a certain amount in order for Kosain Bhd to meet its debts. Kosain Bhd which owns 30,000 shares in Ozone Sdn Bhd with a share capital of 50,000 made up of ordinary shares, is also faced with another dispute.
The employees of Ozone Sdn Bhd have been made redundant due to Covid-19. As a result, they wish to bring an action against Ozone Sdn Bhd. However, Ozone Sdn Bhd lacks sufficient funds to pay its redundant employees. Hence, the shareholders of Ozone Sdn Bhd are mulling of bringing an action against Kosain Bhd too. Advise Kosain Bhd.
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