KUALA LUMPUR: Serba Dinamik Holdings Bhd (SDHB) and its three subsidiaries have failed to obtain a permanent stay of a winding-up order by the High Court.
Justice Ahmad Murad Abdul Aziz, in his decision, said that the companies had failed to prove special circumstances that would justify the court to stay its winding up orders pending an appeal.
The judge said it was in the best interest of the creditors, considering the extremely dire financial conditions of the companies, that the provisional liquidator be answerable to the court rather than leaving the companies in the hands of its directors.
"I further find that a refusal to grant the stay would not render the appeals against the orders to wind up nugatory.
"For the above reasons, I have to dismiss the four applications with costs," he said here on Thursday (March 16).
The court also ordered the companies to pay total costs of RM7,000 to the syndicated financiers, RM3,000 to HSBC Amanah and RM3,000 to Hong Leong Islamic Bank.
On Feb 10, SDHB and its three subsidiaries - Serba Dinamik Sdn Bhd, Serba Dinamik International Ltd and Serba Dinamik Group Bhd - obtained an ad interim stay on a winding-up order against them by the High Court.
An ad interim stay was a temporary stay of the winding-up order against the company, filed by six financial institutions and several creditors after Serba Dinamik defaulted on a sum of RM1.7bil from RM5bil it owed.
On Jan 10, the same court allowed the applications by the six financial institutions and some of Serba Dinamik’s creditors to wind up the four companies: SDHB, Serba Dinamik Sdn Bhd, Serba Dinamik International Ltd and Serba Dinamik Group Bhd.
The institutions were Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd.
This was over the non-payment of loans amounting to RM1.7bil out of a total sum of some RM5bil SDHB owed.
