Post by Raphael Ren

Advocacy | Arbitration | Academia

Today, the Federal Court delivered a landmark ruling on the "π‘™π‘’π‘”π‘Žπ‘™ 𝑑𝑒𝑠𝑑 π‘‘π‘œ π‘‘π‘’π‘‘π‘’π‘Ÿπ‘šπ‘–π‘›π‘’ π‘€β„Žπ‘’π‘‘β„Žπ‘’π‘Ÿ π‘Ž π‘ β„Žπ‘Žπ‘Ÿπ‘’β„Žπ‘œπ‘™π‘‘π‘’π‘Ÿβ€™π‘  π‘π‘œπ‘šπ‘π‘™π‘Žπ‘–π‘›π‘‘ 𝑖𝑠 π‘Žπ‘π‘‘π‘–π‘œπ‘›π‘Žπ‘π‘™π‘’ 𝑏𝑦 π‘€π‘Žπ‘¦ π‘œπ‘“ π‘Žπ‘› π‘œπ‘π‘π‘Ÿπ‘’π‘ π‘ π‘–π‘£π‘’ π‘Žπ‘π‘‘π‘–π‘œπ‘› π‘œπ‘Ÿ π‘Ž π‘‘π‘’π‘Ÿπ‘–π‘£π‘Žπ‘‘π‘–π‘£π‘’ π‘Žπ‘π‘‘π‘–π‘œπ‘›". Tengku Maimun CJ, Abang Iskandar PCA, and Nallini Pathmanathan FCJ formed the eminent bench presiding over the appeal of 𝙇𝙀𝙬 π˜Ύπ™π™šπ™£π™œ π™π™šπ™žπ™  𝙫 𝙇𝙀𝙬 𝙀𝙖𝙣 π™‰π™šπ™š. Dato' Lim Chee Wee and I acted as counsel for the successful appellants (π‘€β„Žπ‘–π‘β„Ž π‘–π‘›π‘π‘–π‘‘π‘’π‘›π‘‘π‘Žπ‘™π‘™π‘¦, π‘šπ‘Žπ‘Ÿπ‘˜π‘  π‘œπ‘’π‘Ÿ π‘‘β„Žπ‘–π‘Ÿπ‘‘ π‘π‘œπ‘›π‘ π‘’π‘π‘’π‘‘π‘–π‘£π‘’ 𝑀𝑖𝑛 π‘Žπ‘‘ π‘‘β„Žπ‘’ πΉπ‘’π‘‘π‘’π‘Ÿπ‘Žπ‘™ πΆπ‘œπ‘’π‘Ÿπ‘‘ π‘Žπ‘  π‘Ž π‘‘π‘’π‘Žπ‘š). We were instructed by Vasdev Bakshani and Arjan Pursumal as solicitors. In the brief grounds of judgment, Nallini Pathmanathan FCJ embarked on a historical analysis into the origins of derivative action, especially on the proper plaintiff rule (as enshrined in πΉπ‘œπ‘ π‘  𝑣 π»π‘Žπ‘Ÿπ‘π‘œπ‘‘π‘‘π‘™π‘’) and no reflective loss principle (as restated in π‘†π‘’π‘£π‘–π‘™π‘™π‘’π‘—π‘Ž 𝑣 π‘€π‘Žπ‘Ÿπ‘’π‘₯). Very much excited to behold the full grounds of judgment in due course – which promises to etch a high judicial watermark on corporate law. Once released, I will expand more on the legal test and principles distilled by the Federal Court. #FederalCourt #company #law #litigation #advocacy