CONSOLIDATED SUITS MIRFIELD PROPERTIES LTD. vs. BOARD OF DIRECTORS OF STARWIN, I. C. SECURITIES LTD AND DANNEX CO. LTD AND JUSTICE AWUKU-SAO, DR. ALBERT G. BOOHENE, DR. OFFEI-ABOAGYE AND SAMUEL ANTHONY-DE ABBA vs. I. C. SECURITIES LTD AND DANNEX CO. LTD [2020]DLCA8861

CONSOLIDATED SUITS MIRFIELD PROPERTIES LTD. vs. BOARD OF DIRECTORS OF STARWIN,... [2020]DLCA8861

Date	2020-03-13
Suit No.	SUIT NO: H1/93/2019
Citation No.	[2020]DLCA8861

LOVELACE-JOHNSON JSC (PRESIDING)

TORKORNOO JSC

SOWAH JA

KWASI COLEMAN WITH DENNIS ARMAH FOR COMPLAINANT/APPELLANT/APPELLANT

KWASI AUSTIN WITH NANA AKYEA OTUO ACHEAMPONG FOR 1ST AND 3RD RESPONDENTS/RESPONDENTS/RESPONDENTS

VICTORIA BARTIE FOR 2ND RESPONDENT/RESPONDENT/RESPONDENT

[2020]DLCA8861
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													<main id="main" class="content" style="min-height: 60rem" >CONSOLIDATED SUITS MIRFIELD PROPERTIES LTD.<o:p></o:p>(PLAINTIFF/APPELLANT)<o:p></o:p>vs.<o:p></o:p>BOARD OF DIRECTORS OF STARWIN, I. C.
SECURITIES LTD AND DANNEX CO. LTD<o:p></o:p>(RESPONDENT/ RESPONDENTS)<o:p></o:p>AND<o:p></o:p>JUSTICE AWUKU-SAO, DR. ALBERT G. BOOHENE,
DR. OFFEI-ABOAGYE AND SAMUEL ANTHONY-DE ABBA<o:p></o:p>(APPELLANT/APPELLANT)<o:p></o:p>vs.<o:p></o:p>I. C. SECURITIES LTD AND DANNEX CO. LTD<o:p></o:p>(RESPONDENTS/RESPONDENTS)<o:p></o:p><o:p>&nbsp;</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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SUIT NO:
H1/93/2019&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; DATE: 13TH MARCH, 2020<o:p></o:p>

</div>COUNSEL:<o:p></o:p>KWASI
COLEMAN WITH DENNIS ARMAH FOR COMPLAINANT/APPELLANT/APPELLANT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>KWASI
AUSTIN WITH NANA AKYEA OTUO ACHEAMPONG FOR 1ST AND 3RD
RESPONDENTS/RESPONDENTS/RESPONDENTS<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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VICTORIA BARTIE FOR 2ND
RESPONDENT/RESPONDENT/RESPONDENT<o:p></o:p>

</div><o:p>&nbsp;</o:p>CORAM:<o:p></o:p>LOVELACE-JOHNSON
JSC (PRESIDING), TORKORNOO JSC, SOWAH JA<o:p></o:p><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="text-align:center;border:none;
mso-border-top-alt:solid windowtext 1.5pt;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>

</div>TORKORNOO, JSC:<o:p></o:p><o:p>&nbsp;</o:p>This is the fourth forum to which the
appellants in this consolidated suit have appealed regarding their grievance. There
are two suits that have travelled on the same routes to the Court of Appeal.
The Appellants in the first suit are Mr. Justice Awuku Sao, Dr. Albert Boohene,
Dr. Offei –Aboagye and Samuel De-Abba, (hereinafter referred to as individual
Appellants) who were directors and shareholders of Starwin Products Ltd
(Starwin). The Appellant in the second suit is Mirfield Properties Ltd, a
shareholder of Starwin.<o:p></o:p>A brief chronology of the two suits
that ended up as a consolidated suit in the Commercial Division of the high
court is as follows: <o:p></o:p>In 2013, the public company Starwin Products
Ltd (Starwin) decided to raise 10 million Ghana cedis through the issuing of
new shares. The shareholders passed special resolutions on 19th June
2013 authorizing this transaction. <o:p></o:p>&nbsp;On
11th December 2013, IC Securities, was appointed as the Transaction
Adviser for this renounceable rights issue by the company.<o:p></o:p>On 21st May 2014, the
directors of Starwin (including the individual Appellants herein) also passed the
following resolutions for the due conduct of the rights issue<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; “Subject
to the approval of the Ghana Stock Exchange (the “GSE”) and the Securities and
Exchange Commission (the “SEC”), the raising of up to GHȼ10,000,000.00
(Ten million Ghana Cedis) through a rights issue (the “Rights Issue”) is hereby
approved.<o:p></o:p><o:p>&nbsp;</o:p>