Section 115 of Companies Act 2016 (the “Act”) deals with the reduction of share capital, whereby a company may, unless otherwise provided in its constitution, undertake a selective capital reduction (“SCR”) exercise by:
a) a special resolution and confirmation by the High Court in accordance with Section 116 of the Act (“Court Order Procedure”); or
b) a special resolution supported by a solvency statement in accordance with Section 117 of the Act (“Solvency Statement Procedure”).
In light of the above, it is therefore vital for the company to ensure that the constitution of the company authorizes the reduction of share capital. In the event where the constitution does not authorize the reduction of capital, then the procedure for amending the constitution shall first be carried out.
For the purpose of promoting good corporate governance, the Securities Commission (‘SC’) releases updates on the Malaysian Code of Corporate Governance (‘MCCG’) once every few years. On 28 April 2021, the SC released the latest MCCG 2021 which aims to provide better adoption of best practices and further guidelines to companies.
This article by Azmi & Associates summarizes key updates of MCCG 2021
The COVID-19 infections in Malaysia show no signs of abating despite the accelerated national roll-out of vaccines. The spike in positive coronavirus cases has led to the reimposition of MCO 2.0 in January 2021, followed by MCO 3.0 and full lockdown (FMCO) since May 2021.
The reopening of the economy is expected to be gradual as the vaccination drive continues to be ramped up under the four-phase National Recovery Plan (NRP). The country’s gross domestic product (GDP) growth for 2021, which was previously projected at between 6.0% and 7.5%, is expected to be revised lower due to the adverse impact of the prolonged pandemic on various economic sectors.
RHB Banking Group (“RHB” or the “Group”) promotes cashless donations to non-profit organisations through RHB #JomDerma, a digital platform that connects various types of non-profit organisations with prospective donors.
The RHB #JomDerma digital platform provides a simple and convenient channel for contactless donations to be made to almost all types of registered non-profit organisations in the country including charitable organisations, welfare homes, and religious bodies. Relevant background checks are conducted on all participating non-profit organisations before their DuitNow QR Codes are displayed on the RHB#JomDerma digital platform.
The vaccination centre (PPV) at Jabil Circuit is officially live as of today, 19 July 2021. The newly launched vaccination site was visited by the Penang Chief Minister YAB Chow Kon Yeow as well as YB Dato Haji Abdul Halim.
A detailed guide on the vaccination process at the PPV can be viewed here
The Malaysia Digital Economy Corporation (MDEC) has announced the appointment of Mohamad Zakkuan Talib as its certified integrity officer to ensure that it operates with a high level of integrity and governance across the organisation.
In tandem with this, MDEC also recently signed the Declaration of Corruption-Free Pledge in March 2021, it said in a statement.
MDEC said Mohamad Zakkuan is responsible for leading and driving the effectiveness of the implementation of the integrity and governance department (IGD).
