Re Kong Tai International Holdings Co. Ltd.
Read the full judgment text of HCMP 3843/1999 on BabelCite. This High Court CFI judgment was delivered on 12 July 1999.
1. There are applications under Section 122(1B)(b) of the Companies Ordinance (Cap. 32) for an extension of time for the companies in the present case (Singapore Hong Kong Properties Investment Limited and Kong Tai International Holdings Limited) to lay before their shareholders at their Annual General Meetings the Profit and Loss Account.
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HCMP003843/1999 HCMP 3843/99 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE MISCELLANEOUS PROCEEDINGS NO. 3843 OF 1999
and HCMP 3844/99 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE MISCELLANEOUS PROCEEDINGS NO. 3844 OF 1999
(The cases were heard together) Coram: The Hon. Madam Justice Yuen in Court Date of Hearing: 12 July 1999 Date of Delivery of Decision: 12 July 1999 _________________ D E C I S I O N _________________ 1. There are applications under Section 122(1B)(b) of the Companies Ordinance (Cap. 32) for an extension of time for the companies in the present case (Singapore Hong Kong Properties Investment Limited and Kong Tai International Holdings Limited) to lay before their shareholders at their Annual General Meetings the Profit and Loss Account. 2. The reason why the extension is necessary has been clearly set out in Mr. Wong's submissions. The reason is that certain books of account and other relevant documents have not been provided by two former subsidiaries of Singapore Hong Kong Properties Investment Limited, and those are required for the purposes of the consolidated accounts of Kong Tai International Holdings Limited. 3. Fortunately, it appears that those books of account and other related documents are now to hand, and now the question is giving the auditors sufficient time to produce their reports, hopefully so as to avoid a qualified audit report. The shareholders have been sufficiently notified by way of three advertisements on 27th May, 4th June and 6th July 1999 respectively. I am told that the Stock Exchange has expressed no views in relation to these applications. 4. Under Section 122(1B)(b), a Court may, for any reason it thinks fit so to do, extend the period of six months referred to in Subsection (1A). In view of the matters which have been laid before the Court this morning, I think it is right that in the exercise of its discretion, that the Court should give the companies the extension of two months which has been sought. 5. Accordingly, I would order that the period of six months as provided by Section 122(1A) be extended for an additional period of two months. This order is to apply to both Singapore Hong Kong Properties Investment Limited, the company in question under MP 3844 of 1999 and Kong Tai International Holdings Limited, the company referred to in MP 3843 of 1999.
Representation: Mr. Ronny Wong, S.C. instructed by John Ku Tam & Ho for Applicants. |