Based on the Companies Act 2016, advise the relevant parties on the following situations. (a) GRIT Bhd (GRIT) is a listed issuer. Steve, one of the directors, argues that he was approached in a social setting in which the business opportunity was first offered to him instead of to GRIT. Advise GRIT on Steve’s claim. (30 marks)

Does GRIT’s lack of capacity permit Steve, as the director, to take the corporate opportunity? Advise GRIT. (10 marks)

2. A public company issues new shares must prepare a prospectus which must be registered with the Securities Commission Malaysia. The board of directors, headed by Godin, approved the prospectus to be issued on a rights issue for 10 million shares. It is later found that the prospectus contains information that is misleading and there is a material omission of information. Who shall be liable for the misleading information and omission? Justify your answer. (40 marks)

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Answer Part a GRID Vs Steve Based on the growing literature on the role of determination in different areas of life this study explores the relationship between determination and entrepreneurial parti... View the full answer