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LAWYERS for IOI Corp Bhd yesterday argued that the Securities Commission (SC) may not be compelled to take a particular action under its discretionary power.
They also argued that the SC cannot be compelled to force another party to undertake a mandatory offer, for example, once it has taken some other form of action.
The company's lawyers also submitted that the SC had fulfilled its discretionary role when it reprimanded IOI Corp and its managing director Tan Sri Lee Shin Cheng for failing to make a mandatory general offer for Palmco Holdings Bhd shares in 1997.
IOI Corp Bhd is fighting a suit brought by a minority shareholder of its associate …