NOWFILL S. LABA vs. AIDS LABA (Sub, by WISSAM A. LABA AND LATEX FOAM RUBBER PRODUCTS LTD [2021]DLCA10060

NOWFILL S. LABA vs. AIDS LABA (Sub, by WISSAM A. LABA AND LATEX FOAM RUBBER PROD... [2021]DLCA10060

Date	2021-01-14
Suit No.	SUIT NO.: HI/140/2020
Citation No.	[2021]DLCA10060

OFOE J.A

GAISIE J.A

ANTHONY OPPONG J.A

FRANK ASAMOAH FOR APPELLANT

KWASI DANSO AMOAH WITH PHILIP OBENG NYARKO FOR THE 1ST APPELLANT

[2021]DLCA10060
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													<main id="main" class="content" style="min-height: 60rem" >IN THE MATTER OF THE BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT
1963(ACT 180)<o:p></o:p>AND<o:p></o:p>IN THE MATTER OFANAPPLICATION UNDER SSECTION 4 FOR JUST AND EQUITABE
WINDING UP OF LATEX FOAM RUBBER PRODUCTS<o:p></o:p>&nbsp;NOWFILL S.
LABA<o:p></o:p>(APPLICANT/APPELLANT)<o:p></o:p>vs.<o:p></o:p>AIDS LABA (Sub, by WISSAM A. LABA AND LATEX FOAM RUBBER PRODUCTS LTD<o:p></o:p>(RESPONDENTS/
RESPONDENTS)<o:p></o:p>[COURT OF
APPEAL, ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">SUIT NO.: HI/140/2020&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:14TH JANUARY,2021<o:p></o:p>

</div>COUNSEL:<o:p></o:p>FRANK ASAMOAH&nbsp;
FOR APPELLANT<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">KWASI DANSO AMOAH WITH
PHILIP OBENG NYARKO FOR THE 1ST APPELLANT<o:p></o:p>

</div>CORAM: <o:p></o:p>OFOE J.A, GAISIE
J.A, ANTHONY OPPONG J.A<o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:115%;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>&nbsp;OFOE,
J.A:<o:p></o:p>The
appellant, on the 8th of September, 2015 filed in the High Court an
Originating Notice of Motion seeking the following reliefs<o:p></o:p>a)<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;
An order for just and
equitable winding up of the Company, Latex Foam Rubber Products Ltd under s4 of
the Bodies Corporate (Official Liquidations) Act 1963 Act (180).<o:p></o:p>&nbsp;In the
alternative to relief (a)<o:p></o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order that the shares of the 1st Respondent be sold to the Applicant
at their fair value or at any other value at which the Court see fit to order
their sale.<o:p></o:p>In
the alternative to relief (a) and (b)<o:p></o:p>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A
declaration that the free use of the Company’s property by Moon Beam Company
Ltd on the authority of the 1st Respondent is not in the best
interest of Latex Foam Ltd and a breach of the 1st Respondents’&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fiduciary duty to the Company.<o:p></o:p>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A
declaration that the free use of the company’s property by GDS Training Center
on the authority of the 1st Respondent is not in the best interest
of Latex foam Ltd and a breach of the 1st respondent’s fiduciary
duty to the company.<o:p></o:p>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order for compensation, Account and Recission directed at the 1st
Respondent regarding the transactions mentioned in reliefs © and (d).<o:p></o:p>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order directed at the 1st Respondent to repay the GH₵740,000.00
owed by hm to the company with interest thereon to the company at the
commercial bank rate from 2006 till date of final payment.<o:p></o:p>g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A
declaration that the alteration of the Regulations of the company regarding the
maximum number of directors to 6 required each copy of such Regulations to
reflect such alteration after the said change&nbsp;
for same to gu</main>