Prior to the incorporation of Rafa Bass Sdn. Bhd, Fareeq as a promoter has entered into...

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Prior to the incorporation of Rafa Bass Sdn. Bhd, Fareeq as a promoter has entered into a contract with Zairil on the purchase of 10 acres of land. He also helped in the formation of Rafa Bass Sdn. Bhd. After incorporation of the company, Fareeq was appointed as the managing director, together with Suffiyan and Ehsan and the company had ratified the contract of the purchase of 10 acres of land during the first board of directors' meeting. Subsequent to the board meeting, the company has decided to expand the business. The company has signed a Sale and Purchase Agreement with the vendor, Akashah for the purchase of 5 acres of land amounting to RM500,000. In the midst of obtaining a loan from Bank Ribak Bhd for the purchase of the land, Suffiyan received a telephone call from Akashah who informed him that he wanted to cancel the transaction. Akashah offered to return the 10% deposit and another extra RM50,000 for payment of damages for breach of contract. Suffiyan found out from the Pejabat Tanah Daerah Selatan that the ownership of the land has been transferred to a company known as Akasia Mewah Sdn. Bhd. and apparently, Akashah owns 90% shares in Akasia Mewah Sdn.Bhd after a company search has been made at Companies Commission of Malaysia. Based on the above, 1) State two (2) fiduciary duties of Fareeq with reference to decided cases. (5 marks) 2) Explain briefly characteristics of Rafa Bass Sdn. Bhd. (10 marks) 3) Discuss whether Rafa Bass Sdn. Bhd can apply for specific performance against both Akashah and Akasia Mewah Sdn. Bhd. for the purchase of the land? (10 marks) Prior to the incorporation of Rafa Bass Sdn. Bhd, Fareeq as a promoter has entered into a contract with Zairil on the purchase of 10 acres of land. He also helped in the formation of Rafa Bass Sdn. Bhd. After incorporation of the company, Fareeq was appointed as the managing director, together with Suffiyan and Ehsan and the company had ratified the contract of the purchase of 10 acres of land during the first board of directors' meeting. Subsequent to the board meeting, the company has decided to expand the business. The company has signed a Sale and Purchase Agreement with the vendor, Akashah for the purchase of 5 acres of land amounting to RM500,000. In the midst of obtaining a loan from Bank Ribak Bhd for the purchase of the land, Suffiyan received a telephone call from Akashah who informed him that he wanted to cancel the transaction. Akashah offered to return the 10% deposit and another extra RM50,000 for payment of damages for breach of contract. Suffiyan found out from the Pejabat Tanah Daerah Selatan that the ownership of the land has been transferred to a company known as Akasia Mewah Sdn. Bhd. and apparently, Akashah owns 90% shares in Akasia Mewah Sdn.Bhd after a company search has been made at Companies Commission of Malaysia. Based on the above, 1) State two (2) fiduciary duties of Fareeq with reference to decided cases. (5 marks) 2) Explain briefly characteristics of Rafa Bass Sdn. Bhd. (10 marks) 3) Discuss whether Rafa Bass Sdn. Bhd can apply for specific performance against both Akashah and Akasia Mewah Sdn. Bhd. for the purchase of the land? (10 marks)