Deepak fails to get interim injunction against Boustead

KUALA LUMPUR (July 11): The High Court yesterday dismissed businessman Deepak Jaikishan's application for an interim injunction to bar Boustead Holdings Bhd and five others from engaging in any dealings concerning three plots of land measuring 223 acres in Kapar and Bukit Raja, Selangor.

The five other defendants are Boustead's subsidiaries Cebur Megah Development Sdn Bhd and Bakti Wira Development Sdn Bhd, as well as the Federal Land Commissioner, UMW Toyota Motor Sdn Bhd and Suntrack Development Sdn Bhd.

Boustead, in a filing with Bursa Malaysia, said the court yesterday also allowed Cebur Megah's application to strike out Deepak's main suit with costs of RM25,000.

The court also fixed Aug 28 to hear the striking out applications by the other defendants.

Boustead is seeking to strike out the suit on the grounds that there is another suit in a different court concerning the same matter.

It also argued that the allegations made against the group are frivolous and vexatious, do not disclose a reasonable cause of action and amount to an abuse of process.

In the suit, Deepak is claiming general, exemplary and aggravated damages; a permanent injunction to restrain Cebur Megah, the Federal Land Commissioner, UMW Toyota Motor and Suntrack from conducting any dealings with the land in Kapar.

He is also seeking an order of specific performance against Cebur Megah, the Federal Land Commissioner, UMW Toyota Motor and Suntrack.

Besides these, he is also seeking the return of the land to his company Astacanggih Sdn Bhd, the imposition of an interest rate of 5% per annum on the award, and costs and other reliefs deemed fit by the court.

Deepak's lawyer Mohd Haniff Khatri Abdulla informed the court last Wednesday that his client intended to consolidate that suit with another suit that his client filed against Boustead and Bakti Wira, along with former prime minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor.

In Deepak's first suit filed in 2018, the businessman claimed he suffered due to conspiracy, fraud and undue influence by Najib, Rosmah and two others in the property deal, which he claimed had caused his company to incur huge losses.

He alleged that as a director and majority shareholder of Astacanggih, he signed a land deal with the director and majority shareholder of Awan Megah (M) Sdn Bhd, Raja Ropiaah Raja Abdullah, over three pieces of land in Kapar and Bukit Raja.

He also claimed Astacanggih had made a deposit payment of RM13 million to Awan Megah, and a land bond for RM72.5 million from Kuwait Finance House (M) Bhd had been submitted to the Malaysian government.

However, Awan Megah allegedly refused to produce the original land titles for transfer to Astacanggih.

Deepak claimed that as a result of the conspiracy and interference from Najib and Rosmah, who were named the first and the second defendants, he was forced to sell 80% of his shares in Astacanggih to Boustead through Bakti Wira.

He is seeking RM600 million in general damages, RM50 million in exemplary damages and RM26 million in aggravated damages in his first suit.

In his subsequent legal action filed last month, Deepak alleged the defendants sought to wrongfully deprive him of two plots of land in Kapar measuring 96.83 acres and 81.09 acres, and another plot in Bukit Raja measuring 45.42 acres.

Boustead's share price closed down one sen or 1.8% at 54.5 sen yesterday, bringing the group a market capitalisation of RM1.11 billion.

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