Court dismisses suit against CAC Posted by: Precious Igbonwelundu in News 5 hours ago A Federal High Court in Abuja has struck out a suit filed by Valenza Holdings Limited against the Corporate Affairs Commission (CAC) over bid to change the ownership of the company. Justice A. I. Chikere struck out the suit, which sought an ex parte order restraining the CAC from unwinding the company, for lack of merit. The firm sued the CAC, seeking to halt an unwinding proceeding initiated by one of its shareholders. In a 15-paragraph affidavit, the plaintiff averred that two shareholders, Patrick Nzekwe and Valentine Agusiobo, in June, last year, submitted themselves to an arbitration panel which produced an agreement. He said two directors of the company agreed on the ownership structure at a meeting on June 4, last year, but one of them opposed the move. The court heard that in the purported agreement, the two directors were supposed to relinquish a certain percentage of their shares to accommodate a third shareholder. Nzekwe was said to have refused to comply because he did not agree with the decision of Agusiobo. Via THE NATION
Posted on: Fri, 08 Nov 2013 08:34:28 +0000
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