Husseinali H Jivraj v Ranchers Limited (HCT-00-CV-CI- No. 0027 of 2009)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
Where a co-shareholder and co-director died in an accident leaving the applicant as sole remaining shareholder and director, the court has power under Section 135 of the Companies Act to order an extraordinary general meeting be called and conducted by the applicant where it is impracticable to call a meeting in the manner prescribed by the Articles of Association requiring a minimum of two directors.
Outcome
Application granted with ruling to be delivered on 28 May 2009 at 4:00 p.m.
Facts
The applicant and one Ryaz Kulji formed Ranchers Limited in 2002, each holding 50% shares and serving as directors and joint signatories to company accounts. On 2 May 2009, Ryaz Kulji died in a motor rally accident. His death brought the company's business to a standstill. The applicant became the only remaining member and director of the company. Under Section 29 of the Companies Act a company must have at least two members, and under Article 37 of the Articles of Association a minimum of two directors is required for a board meeting. The applicant could not access company funds and the company could not meet its obligations to suppliers and employees. The applicant could not call an extraordinary general meeting in the manner prescribed by the company's articles because the board was non-existent and a simple majority could not be achieved.
Issues
- Whether the court can order an extraordinary general meeting to be called and conducted by the sole surviving shareholder under Section 135 of the Companies Act.
- Whether the applicant can constitute a board of directors meeting as the only remaining director.
Rules and key headnotes
Legislation cited (4)
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.