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Contravene the provisions of companies act

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Reference no: EM133458582

Question

Lala Bhd. is a manufacturing company in Kuala Lumpur. It is interested in purchasing a piece of land in Kepong to expand its business. Sulaiman, one of the directors, owns a piece of land in Kepong which Lala Bhd. is keen on purchasing. Sulaiman agreed to sell the land to the company at its market price of RM 3 million. The board of directors are very keen to move on with this arrangement, but they are concerned whether this will breach any of the provisions of the Companies Act 2016. Advise the board of directors whether the proposed arrangement would contravene the provisions of the Companies Act 2016.

Reference no: EM133458582

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