JUDGMENT
Yew Jen Kie JCA:
[1] Vide the Notice of Appeal dated 18 September 2017, the appellants appealed against the decision of the learned High Court Judge, given on 8 September 2017, for dismissing the appellants' application for removal of Tharma Iswara a/l S Subramaniam ("Mr Tharma"), the court appointed liquidator of the 1st respondent ("the Liquidator").
[2] The lst respondent, on the other hand, filed a cross-appeal against the decision of the learned High Court Judge in dismissing the lst respondent's preliminary objection, namely, in holding that no leave is required to file the application for removal of the Liquidator.
[3] At the hearing on 14 January 2019, learned counsel for the lst respondent intimated to the court that the 1st respondent had withdrawn the cross-appeal. The cross-appeal was accordingly struck out with no costs, as agreed.
[4] On 14 January 2019, we dismissed the appeal of the appellants and these are our reasons for the dismissal.
[5] The background facts leading to the present appeal as set out by the appellants are as follows.
a. In October 2013, the shareholders and the directors of the lst respondent, namely, Tan Chong Whatt ("TCW") and Tan Chor Keng ("TCK"), requested Gerald Yeo, a shareholder and director of the 2nd appellant, to invest and secure investors to fund the lst respondent's acquisition of 168 units of Pandan Safari Lagoon Mall ("the Subject Property") .
b. In this connection, the 2nd appellant and 13 investors including the 1st appellant ("13 Investors") advanced the 1st respondent approximately RM67 million comprising:
a. RM50 million from the 13 Investors; and
b. RM16.4 million from the 2nd appellant.
c. On 28 February 2014, the 1st respondent entered into a sale and purchase agreement with various parties to purchase the Subject Property at an aggregate sum of RM100 million.
d. On 25 November 2014, United Overseas Bank (M) Bhd ("UOB") granted the 1st respondent a term loan of RM30 million to part finance the Purchase of the Subject Property secured against a Debenture over the Subject Property.