Allen & Gledhill has successfully represented Indian dye company Kiri Industries Limited (KIL) in a minority oppression suit before the Singapore International Commercial Court (SICC), the first such decision from the SICC.
The counterparty in the dispute, counselled by Premier Law, was DyStar Global Holdings (Singapore), a joint venture between KIL and China’s Senda International Capital Limited. Senda was represented by Wong & Leow.
As per the SICC ruling, Senda has been ordered to buyout KIL’s 37.57 percent share in DyStar. Additionally, the Court ordered that the losses caused by the oppressive acts to be written back into the value of the shares in DyStar, and dismissed all the claims and counterclaims against the promoters.
The Allen & Gledhill team was led by partner Dinesh Dhillon, with assistance from partners Lim Dao Kai and Margaret Joan Ling.
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