SUMMARY JUDGMENT – ORDER 14 OF THE SUPREME COURT RULES – ENTITLEMENT TO DIVIDEND DECLARATION – SECTION 103 OF THE COMPANIES ACT 1981
The Plaintiffs applied for Summary Judgment against the First Defendant (the “Company”) in respect of a claim for payment, pro rata, of a dividend which the Company had declared (the “Dividend”). The application was brought pursuant to Order 14 of the Rules of the Supreme Court, 1985 (“RSC”).
The First Plaintiff (“Mr. Mehta”) and the Second Plaintiff (“MFP”) are, and were at all material times, the registered holders of preference shares and ordinary shares in the Company. At all material times the Second Defendant (“Viking Capital”) and Third Defendant (“MISA”) held not less than 95% of the series A ordinary shares in the Company.