KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor

[2025] SGCA(I) 1 Court of Appeal (International) 31 January 2025 • CA/CAS 4/2024 • 50 min read

22 cases cited (14 SG, 8 foreign)

Key facts

Court	Court of Appeal (International)
Decided	31 January 2025
Judges	Bernard Rix, Judith Prakash, Robert French
Charges / claim	Companies
Counsel	Allen & Gledhill LLP, Drew & Napier LLC, Rajah & Tann Singapore LLP, WongPartnership LLP, Adam Tan Ern-Ming, Bryan Wong Shi-Wen, Chee Yi Wen Serene, Cheng Wai Yuen Mark, Chloe Shobhana Ajit, Dhillon Dinesh Singh, Dhivya Rajendra Naidu, Jimmy Yim Wing Kuen, Jung Sol, Lee Eng Beng, Lim Dao Kai, Lim Jingzhen Jerrick, Lim Wee Teck Darren, Loong Tse Chuan, Mak Sushan Melissa, Manoj Belani, Soh Yu Xian Priscilla, Soon Wen Qi Andrea

Source: [2025] SGCA(I) 1, Court of Appeal (International), decided 31 January 2025 — eLitigation. Updated 25 June 2026.

Catchwords

Companies — Oppression — Minority shareholders — Exercise of remedial discretion to bring to an end or remedy oppressive conduct complained of — Whether minority shareholder should be paid out of net proceeds of en bloc sale of total equity of company in priority to majority shareholder — Section 216(2) Companies Act 1967 Companies — Oppression — Minority shareholders — Exercise of remedial discretion to bring to an end or remedy oppressive conduct complained of — Whether minority shareholder should receive discretionary enhancement in economic value from en bloc sale of total equity of company to account for interest on purchase price — Whether economic value to be received by minority shareholder from en bloc sale of total equity of company should be set at quantum at least as high as economic value minority shareholder would have received from prior buy-out order based on valuation rendered by court but-for subsequent non-implementation of buy-out order by majority shareholder — Section 216(2) Companies Act 1967.

Practice Areas

Companies

Judges (3)

Bernard Rix Coram Judith Prakash Coram Robert French Delivered

Counsel (22)

Parties (6)

DyStar Global Holdings (Singapore) Pte Ltd Respondent Kiri Industries Limited Appellant Senda International Capital Limited Respondent Lim Loo Khoon Third Party Matthew Stuart Becker Third Party Tan Wei Cheong Third Party

Case Significance

[2025] SGCA(I) 1 is a Court of Appeal (International) decision dated 31 January 2025 concerning Companies, specifically addressing oppression. The judgment was delivered by Robert French, with Bernard Rix and Judith Prakash on the coram. The case was brought by Kiri Industries Limited (appellant) against DyStar Global Holdings (Singapore) Pte Ltd and others (respondent). Legal representation was provided by Allen & Gledhill LLP and Drew & Napier LLC. The judgment cites 22 cases (14 Singapore, 8 foreign) and references 3 statutory provisions, including the Civil Law Act, the Companies Act, and the Supreme Court of Judicature Act.

Summary

Kiri Industries, a minority shareholder in DyStar Global Holdings, appealed against the SICC's remedial orders for oppression by majority shareholder Senda International Capital under s 216(2) of the Companies Act. The key issues were whether Kiri should receive priority payment from an en bloc sale of DyStar's total equity and a discretionary enhancement to account for interest on the purchase price. The Court of Appeal largely allowed Kiri's appeal in CAS 4 and dismissed Senda's cross-appeal in CAS 5.

What was decided in [2025] SGCA(I) 1?

[2025] SGCA(I) 1 (KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor) is a Court of Appeal (International) decision from 31 January 2025 addressing Companies, specifically oppression. The judgment was delivered by Robert French.

Who were the parties in KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor ([2025] SGCA(I) 1)?

The appellant in [2025] SGCA(I) 1 was Kiri Industries Limited, and the respondent was DyStar Global Holdings (Singapore) Pte Ltd, Senda International Capital Limited. Legal representation included Drew & Napier LLC and Allen & Gledhill LLP. The case was decided on 31 January 2025 in the Court of Appeal (International).

Which judge decided [2025] SGCA(I) 1?

[2025] SGCA(I) 1 was delivered by Robert French in the Court of Appeal (International) on 31 January 2025. Bernard Rix and Judith Prakash also sat on the coram. The case concerned Companies.

What cases and statutes does [2025] SGCA(I) 1 cite?

[2025] SGCA(I) 1 cites 22 prior decisions, including 8 from foreign jurisdictions. It references Civil Law Act, Companies Act, Supreme Court of Judicature Act.

Statutes Cited

Civil Law Act (Cap 43) Cases on this Act →

s 12(1)

Companies Act (Cap 50) Cases on this Act →

s 216 s 216(1) s 216(2) s 996

Supreme Court of Judicature Act (Cap 322) Cases on this Act →

Cases Cited (22)

SG (4)

[2022] SGHC 161 [2023] SGHC(I) 4 [2024] SGHC(I) 14 [2024] SGHC(I) 25

SLR (10)

[1991] 2 SLR(R) 231 [1999] 1 SLR(R) 773 [2010] 2 SLR 776 [2016] 1 SLR 373 [2018] 5 SLR 1 [2019] 2 SLR 1 [2021] 3 SLR 215 [2022] 3 SLR 1 [2023] 3 SLR 140 [2024] 2 SLR 1

UK (6)

[1982] 1 WLR 149 [2010] EWHC 3334 [2019] EWHC 873 [2020] EWHC 3261 [2021] 1 All ER 685 [2024] EWHC 970

AU (1)

[2020] NSWCA 166

MY (1)

[2020] 12 MLJ 237