KUALA LUMPUR (Nov 8): Serba Dinamik Holdings Bhd has filed an originating summons (OS) against Bursa Malaysia Securities to challenge the stock exchange's directives concerning the appointment of a special auditor to conduct a special independent review and the disclosure of the findings of the review, arguing that they are in excess of Bursa's powers.

The originating summons was filed last Wednesday (Nov 3) in the Kuala Lumpur High Court, according to Serba Dinamik’s filing with the local bourse on Monday.

“The circumstances leading to the filing of the OS by SDHB (Serba Dinamik) are based on, inter alia, SDHB’s contention that the instructions given by Bursa dated June 28, 2021 and July 2, 2021 respectively to SDHB to appoint Ernst & Young Consulting Sdn Bhd as a special auditor to conduct a 'special independent review' made pursuant to Paragraphs 2.23 and 2.24 of the Main Market Listing Requirements were in excess of Bursa’s powers.

“It is also SDHB’s contention that Bursa’s instruction to SDHB dated Oct 22, 2021 to announce a 'factual findings update' made by Ernst & Young Consulting Sdn Bhd was also in excess of its powers and ought to be declared as null and void,” according to the group.

More to come