EMMANUEL N. A. KOTEY AND 173 OTHERS vs. KWAME PIANAM AND 6 ORS [2022]DLSC11684

Date	2022-07-27
Suit No.	CIVIL APPEAL NO. J4/155/2022
Citation No.	[2022]DLSC11684

DORDZIE (MRS.) JSC (PRESIDING)

PROF. KOTEY JSC

OWUSU (MS.) JSC

LOVELACE-JOHNSON (MS.) JSC

PROF. MENSA-BONSU (MRS.) JSC

DANIYAL ABDUL-KARIM ESQ. FOR THE PLAINTIFFS/APPELLANTS/APPELLANTS.

ESINAE OKUDZETO ESQ. FOR THE 1ST

2ND AND 3RD DEFENDANTS/RESPONDENTS/ RESPONDENTS.

[2022]DLSC11684
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													<main id="main" class="content" style="min-height: 60rem" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;EMMANUEL N.
A. KOTEY AND 173 OTHERS&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;(PLAINTIFF/APPELLANTS/APPELLANTS)<o:p></o:p>vs.<o:p></o:p>KWAME PIANAM AND 6 ORS<o:p></o:p>(DEFENDANTS/RESPONDENTS/RESPONDENTS)<o:p></o:p>[SUPREME
COURT, 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="MsoNormalCxSpMiddle" align="center" style="margin-bottom:0cm;margin-bottom:
.0001pt;mso-add-space:auto;text-align:center;border:none;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">CIVIL APPEAL NO. J4/155/2022&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: 27TH JULY,
2022<o:p></o:p>

</div>COUNSEL<o:p></o:p>DANIYAL
ABDUL-KARIM ESQ. FOR THE PLAINTIFFS/APPELLANTS/APPELLANTS.<o:p></o:p>ESINAE
OKUDZETO ESQ. FOR THE 1ST, 2ND AND 3RD
DEFENDANTS/RESPONDENTS/<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="MsoNormalCxSpMiddle" style="margin-bottom:0cm;margin-bottom:.0001pt;
mso-add-space:auto;text-align:justify;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">RESPONDENTS.<o:p></o:p>

</div>CORAM&nbsp;&nbsp; <o:p></o:p>DORDZIE (MRS.) JSC (PRESIDING), PROF. KOTEY JSC,
OWUSU (MS.) JSC, LOVELACE-JOHNSON (MS.) JSC, PROF. MENSA-BONSU (MRS.) JSC<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;
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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;LOVELACE-JOHNSON
(MS.) JSC :-<o:p></o:p>The designation of the parties in the High Court
will be maintained in this appeal.<o:p></o:p>On 27th June 2013, the Court of Appeal
dismissed an appeal by the plaintiffs against the judgment of the High Court in
this matter. Being dissatisfied with this dismissal, they have launched a
further appeal to this court.<o:p></o:p>&nbsp;The plaintiffs per their amended writ had claimed
for the following at the trial court:<o:p></o:p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An order pursuant to section 202, 209
and 218 of the companies Act, 1963 (Act 179) that the purported issue of new
shares to the Nigerian entity was in breach of the statutory rights of the
Plaintiffs, in breach of the 3rd Defendant’s Regulations, it is oppressive
and in disregard of CIT’s proper interests as a Shareholder of the 3rd
Defendant, unfairly discriminatory and unfairly prejudicial CIT members.<o:p></o:p>&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An order pursuant to sections 203, 209,
210 and 218 of Act 179 and equitable considerations that the 3rd
Defendant failure to offer adequate employment opportunities to the members of
CIT infringed their legitimate expectations and was in disregard of CIT’s
proper interests as a member and an order requiring the 3rd
Defendant to provide remedy to members of CIT in order to give full effect to
the critical understandings under which members of CIT promoted and subscribed
to the regulations of the 3rd Defendant.<o:p></o:p>&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Order declaring that the shares
initially subscribed by the 4th Defendant was for and on behalf of
members of CIT and that the purported dilution of the same by the Defendants is
wrongful and that the plaintiff are entitled to the percentage shareholding
they were credited with upon incorporation of the 3rd Defendant.<o:p></o:p>&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An order declaring the 1st, 4th,
5th, and 6th, Defendant in breach of their fiduciary
duties as trustees of CIT and its members by using their fiduciary positions to
acquire personal benefits and profits and further orders stripping them off the
positions they occupy and recovery of all moneys and assets accruing to them at
the expense of the plaintiffs for the benefit of CIT. <o:p></o:p>