38. SIGNIFICANT EVENTS DURING THE FINANCIAL PERIOD Significant events during the financial period are as follows:- (a) Nuraslina binti Zainal Abidin (“Plaintiff”) vs Dagang Net Technologies Sdn. Bhd. (“Dagang Net”), Dagang NeXchange Berhad (“the Company” or “DNeX”) and Genaxis Group Sdn. Bhd. (“Genaxis”) (Dagang Net, the Company and Genaxis shall collectively be referred to as “Defendants”): The Company and its wholly–owned subsidiary, Dagang Net had on 11 October 2021 received a sealed copy of the Originating Summons dated 6 October 2021 (“Legal Suit”) from the Plaintiff and an affidavit in support of the Plaintiff dated 27 September 2021. In the Legal Suit, the Plaintiff is seeking amongst others, the following reliefs: 1. A declaration that Dagang Net and DNeX have conducted the affairs of Genaxis in a manner oppressive, prejudicial and in complete disregard to the interest of the Plaintiff as member of Genaxis; 2. A declaration that the Plaintiff is relieved of and is not liable to any profit guarantee given by the Plaintiff in the Shareholders Agreement in Genaxis; and 3. An Order that Dagang Net purchase all the Plaintiff’s shares in Genaxis at a fair value to be determined by the Court or an independent valuer appointed by the Court. During the case management on 24 March 2022, the Learned Judicial Commissioner recused from hearing this matter. In light of the recusal, the hearing of scheduled on 28 March 2022 before the Learned Judicial Commissioner was therefore vacated. On 13 April 2022, the Plaintiff has filled its affidavit. In that regard, DNeX have replied and filled the affidavit in respect on 27 April 2022. During the Case Management on 28 April 2022, the Court had given the following direction: (i) Parties are to file further submissions on or before 20 May 2022; and (ii) Hearing of the originating summons and the Plaintiff’s application for cross examination of DNeX deponents had been scheduled on 15 June 2022. At the hearing on 15 June 2022, the Judicial Commissioner dismissed the Plaintiff’s application to cross examine the deponents of the Defendants’ affidavits with cost of RM5,000. At the same hearing, the Plaintiff’s solicitors informed the Court that the Plaintiff wished to file a further affidavit in view of new matters which had transpired in respect of Genaxis. The Learned Judicial Commissioner directed as follows: (i) The Plaintiff is to file its further affidavit by 22 June 2022; (ii) The Defendants’ affidavit in reply is to be filed by 27 June 2022; (iii) Parties may file supplementary written submissions by 15 August 2022; and (iv) The Legal Suit will be called up for hearing on 22 August 2022. The parties had exchanged various affidavits in accordance with the directions given by the Court. At the hearing on 22 August 2022, the Judicial Commissioner has dismissed the Plaintiff’s Legal Suit with no order as to cost. On 21 September 2022, the Company has received a copy of unsealed notice of appeal dated 19 September 2022 from the Plaintiff in respect of the appeal filed by the Plaintiff against the decision made by the Judicial Commissioner which had dismissed the Plaintiff’s petition for minority oppression. The appeal is presently fixed for case management on 10 July 2024. Financial Statements DAGANG NeXCHANGE BERHAD 298 NOTES TO THE FINANCIAL STATEMENTS
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