Is There Still Hope? Serba Dinamik File Delay Appeals Winding Up


 Following on from the previous winding up order, the Board of Directors (BOD) of Serba Dinamik Holdings Berhad (SDHB) filed an appeal to postpone the decision.

In addition, the company also filed an appeal to allow the company's application to postpone the winding-up hearing.

Serba Dinamik in a statement said, the BOD said its wholly owned subsidiary, Serba Dinamik International Ltd (SDIL) will submit an appeal to delay the High Court's decision to wind up the company.

He explained further, the BOD has sought advice that the order is ultra vires (out of force).

As a result, it also submitted an application to suspend the winding up order to allow business operations to run pending the Court of Appeal's decision.

It is understood that the appeal was made following the willingness of its associate company, SDIL, to sell assets estimated at US$700 million (RM3.06 billion) to pay off the company's debt.

If an adjournment is granted, it will allow the interim liquidator to discuss the proposed sale.

Earlier, Judicial Commissioner Ahmad Murad Abdul Aziz had approved a petition to wind up Serba Dinamik and its three subsidiaries, SDIL, Serba Dinamik Group Berhad (SDGB) and Serba Dinamik Sdn Bhd (SDSB).