A GROUP of shareholders collectively holding approximately 10.08% of the issued share capital of Jentayu Sustainables Bhd (formerly Ipmuda Bhd) has initiated legal proceedings in the Kuala Lumpur High Court to uphold shareholder rights, transparency and proper corporate governance at the company.
The legal action is led by shareholder Vong Chee Kian alongside 14 other shareholders who have also exercised their statutory right to requisition an extraordinary general meeting (EGM).
The requisitioning shareholders collectively hold 45.73 million shares in Jentayu which is not less than 10% of the sustainable energy and healthcare player’s issued and paid-up share capital as set out in the EGM notice.
The lawsuit was commenced by way of an originating summons (OS) following Jentayu’s continued failure and refusal to provide statutory shareholder records, namely the Record of Depositors (ROD) and the General Meeting Record of Depositors (GMROD) despite formal written requests made in accordance with Malaysian securities law.
Compliance with shareholder rights
These records are expressly provided for under Section 34(5) of the Securities Industry (Central Depository) Act 1991 and are fundamental to shareholders’ ability to communicate, organise and participate meaningfully in general meetings and corporate decision-making.
According to the court filings, formal requests for the ROD and GMROD were made in December 2025 in connection with general meeting matters.
These requests were declined with responses indicating that the release of the records was deferred or refused notwithstanding the mandatory statutory obligations imposed under the law. As at the date of filing the legal action, the requested records had not been provided.
Editor’s Note: Recall that shareholder Andy Lai Wee Young who then held 1.36 million Jentayu shares had apparently filed an OS and an injunction application on Nov 28 last year to restrain the group from convening or acting upon any resolutions that may be passed via its “postponed” EGM slated for Dec 4, 2025.
The latest legal proceedings seek court orders compelling the release of the ROD and GMROD in electronic format to ensure compliance with statutory duties under the Securities Industry (Central Depository) Act 1991 and orders to rectify any procedural defects or irregularities relating to short-notice general meetings.
Further relief is also sought to ensure that shareholder rights are protected and that corporate actions are carried out in accordance with the law.
‘Not intention to de-stabilise group’
In parallel, the same group of shareholders has formally called for an EGM to be held on Feb 27 with resolutions to remove and appoint directors and raises serious concerns over the Jentayu’s financial performance, governance practices and board oversight.
In this regard, the shareholders highlighted that for its FY6/2024 and FY6/2025, the group’s administrative expenses significantly exceeded revenue, thus resulting in substantial after-tax losses and raising questions as to whether shareholders’ funds have been applied in Jentayu’s best interests.
Additionally, the requisitioning shareholders also questioned the rationale behind past corporate exercises, including the proposed private placement and the handling of a refundable deposit arising from a failed acquisition resolution, noting the lack of clarity, disclosure and follow-up by the current board.
Commenting on the matter, Vong said the legal action and EGM requisition were undertaken as a matter of principle and responsibility.
He further justified that the shareholders involved represent a meaningful equity stake and are acting collectively to protect the long-term value and integrity of Jentayu .
As such, he dismissed claims that the action is intended to destabilise the group but only to restore accountability, discipline and transparency at board level.
At 2.57pm, Jentayu was unchanged at 29 sen with 49,600 shares traded, thus valuing the company at RM132 mil. – Feb 9, 2026
