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| Exchange Disseminated Time | JCT Ltd has informed BSE that :
"We write in continuation of our previous correspondence in response to the various queries / rumor verification sought by investors in connection with the Orders dated June 13, 2014, passed by the High Court of Kuala Lumpur, Malaysia ("KLM High Court"), inter alia, directing the Company to refund a sum of USD 1,250,000/- (United States Dollars One Million and two hundred fifty thousand only) to CNLT (Far East) Bhd. Malaysia ("CNLT").
The Company and its legal counsels were of the view that the KLM High Court has exceeded its jurisdiction by directing the Company to refund the aforementioned amount to CNLT, especially when the complainants/ plaintiffs had neither sought nor prayed for such relief vis-a-vis the Company in the legal proceedings initiated by them before the KLM High Court. The Company had since filed its appeal against the Orders dated June 13, 2014 passed the KLM High Court, before the Court of Appeal, Kuala Lumpur, and had also duly apprised the Stock Exchange of the filing of the appeal.
The Hon’ble Court of Appeal, Kuala Lumpur, after having heard the parties to the appeal and having perused the records of the proceedings before the KLM High Court, passed its Orders on December 30, 2015, wherein it ruled in favour of the Company and was pleased to set aside the Orders of the KLM High Court and allowed the appeal filed by the Company. The Hon'ble Court of Appeal, Kuala Lumpur also imposed costs of RM 83,000 (Malaysian Ringgit Eighty Three Thousand only) on the Respondents and further directed that the entire deposit of RM 120,000 (Malaysian Ringgit One Hundred and Twenty Thousand only) as well as the appeal deposit of RM 1,000 (Malaysian Ringgit One Thousand only) be refunded to the Company." |
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