Justice Sandil Kissoon has granted an injunction barring Banks DIH from implementing a 15% cap on shareholder voting power. He also issued a number of other related injunctions ahead of this Saturday’s Annual General Meeting of the conglomerate.
The Court action was filed against Banks DIH Limited by Guyana Americas Merchant Bank Inc and Beharry Stockbrokers Limited seeking to restrain the company from implementing and passing some of the proposed resolutions at its AGM tomorrow.
Handing down his decision today, Justice Sandil Kissoon also issued an injunction restraining BANKs’ DIH from presenting, tabling, or putting to a vote, any resolution seeking to confirm, adopt, or give effect to “New By-Law 8 Share Ownership.”
The Judge also issued an order to suspend the operation and legal effect of the New By Law 8 share ownership including any purported effectiveness arising from the Directors resolutions of November 20th last year and also restraining the company from implementing, enforcing or relying upon the said by-law in any respect, pending the final determination of these proceedings.
“An injunction is also ordered restraining the defendant from treating as invalid, disregarding, discounting, or refusing to count any votes lawfully attached to issued ordinary shares of the defendant by reference to any alleged 15% ownership or voting limitation, whether under New By Law 8 or otherwise, pending the final determination of these proceedings,” Justice Kissoon ruled.
The Company is also prevented from issuing, acting upon or giving effect to any notice , demand investigation, tracing exercise, divestment request or sale processes purportedly authorized by the New By Law 8 including any step said to arise from ‘acting in concert’, beneficial ownership or aggregation of holdings.
The Court also told the company it must not usurp the powers of the Guyana Security Council including the power to impose, enforce or police ownership of voting limits.
The injunctions are to remain in place until the hearing and determination of the substantial matters raised.
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