s 28N Effect of remedial directions issued under section 28M, etc.
28N.—(1) Any direction issued to a person, and any condition imposed, under section 28M(2) or (3) take effect despite —(a) any other written law; (b) anything in any listing rules as defined in section 2(1) of the Securities and Futures Act 2001; and (c) the provisions of the memorandum or articles of association, limited liability partnership agreement, partnership contract, trust deed or other constitution of the designated entity in question. (2) Without affecting subsection (1), where any direction is issued under section 28M(2) or (3), then, until the direction is carried out or is suspended or revoked —(a) the voting rights in respect of the section 28M(2) equity interests or section 28M(3) equity interests that are subject to the direction are not exercisable, unless the LTA expressly permits those rights to be exercised; (b) the voting power that the person to whom the direction is issued controls, whether alone or together with that person’s associates, in the designated entity is not exercisable, unless the LTA expressly permits that power to be exercised; (c) no equity interest in the designated entity is to be issued or offered (whether by way of dividends or otherwise) in respect of the section 28M(2) equity interests or section 28M(3) equity interests that are subject to the direction, unless the LTA expressly permits that issue or offer; and (d) no amount may be paid (whether by way of profits, income or otherwise) in respect of the section 28M(2) equity interests or section 28M(3) equity interests that are subject to the direction, unless the LTA expressly authorises such payment. (3) Subsection (2)(d) does not apply in the event of the winding up, dissolution, termination or deregistration of the designated entity. [Act 20 of 2024 wef 01/04/2025] —(1) Any direction issued to a person, and any condition imposed, under section 28M(2) or (3) take effect despite —(a) any other written law; (b) anything in any listing rules as defined in section 2(1) of the Securities and Futures Act 2001; and (c) the provisions of the memorandum or articles of association, limited liability partnership agreement, partnership contract, trust deed or other constitution of the designated entity in question. (2) Without affecting subsection (1), where any direction is issued under section 28M(2) or (3), then, until the direction is carried out or is suspended or revoked —(a) the voting rights in respect of the section 28M(2) equity interests or section 28M(3) equity interests that are subject to the direction are not exercisable, unless the LTA expressly permits those rights to be exercised; (b) the voting power that the person to whom the direction is issued controls, whether alone or together with that person’s associates, in the designated entity is not exercisable, unless the LTA expressly permits that power to be exercised; (c) no equity interest in the designated entity is to be issued or offered (whether by way of dividends or otherwise) in respect of the section 28M(2) equity interests or section 28M(3) equity interests that are subject to the direction, unless the LTA expressly permits that issue or offer; and (d) no amount may be paid (whether by way of profits, income or otherwise) in respect of the section 28M(2) equity interests or section 28M(3) equity interests that are subject to the direction, unless the LTA expressly authorises such payment. (3) Subsection (2)(d) does not apply in the event of the winding up, dissolution, termination or deregistration of the designated entity.