MIRFIELD PROPERTIES LTD vs. STARWIN PRODUCTS (SPL) AND K. SECURITIES (GH) LTD [2016]DLCA5549

Date	2016-11-24
Suit No.	CIVIL APPEAL NO.:H1/48/2016
Citation No.	[2016]DLCA5549

S.E. KANYOKE JA (Presiding)

A.M. DORDZIE JA

I.O. TANKO AMADU JA

NANA SEKYIWAA FOR THE APPLICANT / APPELLANT

AZALI ARHIMEDES ACKUAKU FOR RESPONDENTS / RESPONDENTS CORAM:

[2016]DLCA5549
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													<main id="main" class="content" style="min-height: 60rem" >MIRFIELD PROPERTIES LTD<o:p></o:p>(APPLICANT/APPELLANT)<o:p></o:p>vs.<o:p></o:p>STARWIN PRODUCTS (SPL) AND K. SECURITIES (GH) LTD<o:p></o:p>(1STRESPONDENT
/ RESPONDENT &amp; 2NDRESPONDENT /RESPODNENT)<o:p></o:p>[COURT
OF APPEAL, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormalCxSpMiddle" style="margin-bottom:0in;margin-bottom:.0001pt;
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APPEAL NO.:H1/48/2016&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE:
24TH NOVEMBER, 2016 <o:p></o:p>

</div>COUNSEL:<o:p></o:p>NANA
SEKYIWAA FOR THE APPLICANT / APPELLANT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify;text-justify:inter-ideograph;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">AZALI
ARHIMEDES ACKUAKU FOR RESPONDENTS / RESPONDENTS<o:p></o:p>

</div>CORAM: <o:p></o:p>S.E.
KANYOKE JA (Presiding), A.M. DORDZIE JA, I.O. TANKO AMADU JA<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormalCxSpMiddle" align="center" style="margin-bottom:0in;margin-bottom:
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0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">JUDGMENT<o:p></o:p>

</div>A.M.DORDZIE (MRS), J.A.: <o:p></o:p>FACTS:<o:p></o:p>The 1st Respondent/Respondent is a
company that manufactures pharmaceuticals. The 2nd Respondent is a
financial advisor and sponsoring broker of the 1st Respondent Company.
I will refer to the parties as appellant and respondents.<o:p></o:p>The Appellant herein is a majority shareholder and
member of the 1st Respondent Company. The 1stRespondent Company
issued notice to its members (notice is dated 10/4/2013) inviting them to its
10th Annual General Meeting (AGM) on the 19th of June
2013.<o:p></o:p>The notice contained the
agenda for the meeting; the contents of the agenda had among others the
following: <o:p></o:p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
“To authorize the Directors to issue additional
shares through a renounceable rights issued to raise up to GH¢10, 000,000 (Ten
Million Ghana Cedis) in accordance with the regulations of the company, the
Companies Code, 1963 (Act 179) and other relevant laws and regulations and
subject to prior approval of the Ghana Stock Exchange.<o:p></o:p><o:p>&nbsp;</o:p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To authorize the Directors to offer any shares that
are not taken up by the shareholders under the renounceable rights issue to
prospective investors as the Directors may deem fit.”<o:p></o:p>The 10th AGM of the 1st
Respondent Company was held as scheduled and resolutions were passed
authorizing the directors to perform the acts quoted in (a) and (b) above.<o:p></o:p><o:p>&nbsp;</o:p>On the14th of November, 2014 the
appellant issued an </main>