ADVERTISEMENT OF NOTICE OF WINDING-UP PETITION ON EKRAN BERHAD
| EKRAN BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | NM-030711-33775 |
| Subject | ADVERTISEMENT OF NOTICE OF WINDING-UP PETITION ON EKRAN BERHAD |
Contents :
We refer to the Exchange's letter dated 11 July 2003 (Reference No.: NM-030711-33775). The information required is as follows:
1. Name of Petitioner: Affin Bank Berhad (“Affin Bank”)
Petition No. : MT2-28-2-2003 (the “Winding Up Petition”)
2. The date the petition was served on Ekran Berhad (“Ekran”): 5 March 2003
- (Received by Ekran at Wisma Ekran on 5 March 2003)
4. The particulars of the claim under the Winding Up Petition, including the amount claimed for under the petition and the interest rate:
- (a) Affin Bank prayed for:
- (i) the winding-up of Ekran;
(ii) appointment of the Official Assignee as the liquidator;
(iii) costs and expenses to be taxed by the Court and paid by the liquidator appointed; and
(iv) further and other relief.
(b) The amount claimed for under the Petition is RM16,859,621.11 (as at 31 October 2002) together with continuing interest at the rate of 2.5% per annum above the Base Lending Rate (Base Lending Rate as at 23 February 2001 is 6.8% per annum) calculated on daily rests commencing 1 November 2002 to the date of full and final settlement.
5. The details of the default or circumstances leading to the filing of the Winding Up Petition.
A copy of the Writ of Summons and Statement of Claim was served on Ekran by Messrs Taye & Co on or around 1 March 2001. Subsequently, negotiation was carried out between Ekran and Affin Bank and pursuant to this, Affin Bank wrote to Ekran via a letter dated 20 March 2001 agreeing to withhold legal proceedings against Ekran until 30 June 2001 provided Ekran complies with the terms contained therein (the “terms of the settlement”). On 23 March 2001, a Judgment in Default of Appearance was entered against Ekran in breach of the aforementioned agreement and without the knowledge of Ekran.
In view of the above, Ekran wrote a letter to Messrs Taye & Company on 11 April 2001 informing them of the negotiation and the possible settlement. Ekran also replied to Affin Bank on 11 April 2001 on the terms of the settlement. By letter dated 20 April 2001 from Affin Bank, Ekran was again led to believe that legal proceedings will be withheld if Ekran complies with the terms of the settlement. It was during negotiations held on 25 April 2001 that it was intimated to a representative of Ekran that a Judgment in Default of Appearance had been entered against Ekran. By a letter dated 26 April 2001, Ekran wrote to Affin Bank confirming that Affin Bank will not execute the Judgment in Default of Appearance as agreed. Subsequently, Affin Bank wrote to Ekran on or around 23 May 2001, again confirming that legal proceedings will be withheld if Ekran complies with the terms of the settlement.
On or around 5 March 2003, the Winding up Petition was served on Ekran. On 12 May 2003, Ekran instructed its solicitors to file an application to set aside the Judgment in Default of Appearance in Kuala Lumpur High Court and an application to stay the winding up proceedings in Melaka High Court. An Affidavit in opposition to the Winding Up Petition was filed in Melaka High Court on 12 May 2003. The two applications are pending.
Affin Bank has today (11 July 2003) agreed to withdraw the Winding Up Petition immediately in view of the fact that the said Judgment in Default of Appearance is disputed and the application to set aside the said Judgment in Default of Appearance is pending.
Queries nos 6 and 7 of the Exchange's letter dated 11 July 2003 are not applicable in view of the decision of Affin Bank today (11 July 2003) to withdraw the Winding Up Petition.
- (a) On 12 May 2003, Ekran has filed:
- (i) an application to set aside the Judgment In Default of Appearance;
- (ii) an application to stay the Winding Up Petition; and
(iii) an affidavit in opposition of the Winding Up Petition.
- (b) Affin Bank has served an affidavit in reply on Ekran on 23 June 2003 and Ekran will be filing and serving an affidavit in reply on 14 July 2003.
Query Letter Contents :
We refer to the above Notice of Winding-Up Petition, appearing in The Star,
Classifieds, Page 11 on Friday, 11July 2003, a copy of which is enclosed for
your reference.
In this connection, kindly furnish the Exchange immediately with the following
information for public release:
1. The name of the petitioner.
2. The date the petition was served on EKRAN.
3. The date of presentation of the petition.
4. The particulars of the claim under the petition, including the amount
claimed for under the petition and the interest rate.
5. The details of the default or circumstances leading to the filing of the
winding-up petition.
6. The operational and financial impact on the Group, if any, arising from
the aforesaid petition.
7. The expected losses, if any, arising from the aforesaid petition.
8. The steps that EKRAN has taken and will take with regards to the
winding-up petition.
9. The hearing date for the winding-up petition.
Yours faithfully
WAN RAHIEL HJ WAN RAMLI
Assistant Manager
Listing Operations
WR/WSW/NMA
Announcement Info
| Company Name | EKRAN BERHAD |
| Stock Name | EKRAN |
| Date Announced | 11 Jul 2003 |
| Category | General Announcement |
| Reference No | EE-030711-0745D |
