Company: NBRG
Filing Date: 2025-05-09
Form Type: DRS
Source: 0001213900-25-041372
Chunk: 270

Company: Newbridge Acquisition Ltd
Filing Date: 2025-05-09
Form: DRS
Chunk 270
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 the directors are in breach of their duties under the Companies Law. Pursuant to Section 184B of the Companies Law, if a company or director of a company engages in, or proposes to engage in or has engaged in, conduct that contravenes the provisions of the Companies Law or the memorandum or articles of association of the company, the British Virgin Islands Court may, on application of a shareholder or director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct 163 that contravenes the Companies Law or the memorandum or articles. Furthermore, pursuant to section 184I(1) of the Companies Law a shareholder of a company who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the British Virgin Islands Court for an order which, inter alia, can require the company or any other person to pay compensation to the shareholders. The Companies Law provides for a series of remedies available to shareholders. Where a company incorporated under the Companies Law conducts some activity, which breaches the Act or the company’s memorandum and articles of association, the court can issue a restraining or compliance order. Under the Companies Law, a shareholder of a company may bring an action against the company for breach of a duty owed by the company to him as a member. A shareholder also may, with the permission of the British Virgin Islands Court, bring an action or intervene in a matter in the name of the company, in certain circumstances. Such actions are known as derivative actions. As noted above, the British Virgin Islands Court may only grant permission to bring a derivative action where the following circumstances apply: •the company does not intend to bring, diligently continue or defend or discontinue proceedings; and •it is in the interests of the company that the conduct of the proceedings not be left to the directors or to the determination of the shareholders as a whole. •When considering whether to grant leave, the British Virgin Islands Court is also required to have regard to the following matters: •whether the shareholder is acting in good faith; •whether a derivative action is in the company’s best interests, taking into account the directors’ views on commercial matters; •whether the action is likely to proceed; •the costs of the proceedings; and •whether an alternative remedy is available. Any member