According to theedgemarkets.com, Bursa Malaysia said in a statement that it would continue to defend its position and would not abdicate its role as the marketplace regulator.

The local oil and gas firm had recently sued the stock exchange for directives given which resulted in the suspension of its share trading last month.

The directives included revealing the findings from a special independent review conducted by Ernst & Young Consulting Sdn Bhd.

Bursa Malaysia said: “Timely disclosure of material information is a key pillar of ensuring the market is well informed of the information and all investors are treated equally and able to trade on equal footing in terms of parity of disclosures.

“This is paramount to enable Bursa Malaysia to discharge its statutory duty.”

It has obtained legal counsel to advise on matters. The application for an interim injunctive relief is fixed for hearing on Nov 11, while the case for the originating summons is fixed for Nov 17.

Serba Dinamik had earlier said it would challenge Bursa Malaysia’s directive to reveal findings from a special independent review conducted by Ernst & Young Consulting.

“Bursa Malaysia has no power to instruct the company to do so or to suspend its trading as the suspension lacked procedural fairness and violated the rules of natural justice,” the company said in a statement yesterday.

“Serba Dinamik will seek, among others, a declaration that the directives given by Bursa Malaysia as well as the suspension of trading are null and void and are of no effect.”

Serba Dinamik is seeking to restrain Bursa Malaysia from “taking any action in whole or in part from announcing the factual findings update, and from appointing any person to act as a special auditor of the company, to review or investigate the affairs, together with an order for the removal of the suspension of trading of the securities”.

The tussle between Serba Dinamik and Bursa Malaysia began when the latter demanded that the company disclose details of the update on the factual findings of a special independent review of the groups financial accounts that was supposedly communicated to three of four independent non-executive directors on Oct 21.

The following day, Bursa Malaysia suspended the trading of Serba Dinamik’s securities and set Oct 26 as the deadline for Serba Dinamik to reveal the findings of the special independent review.

But Serba Dinamik, in an Oct 25 filing, denied that its directors had been given a “factual findings update” by Ernst & Young Consulting.