Kohli v Lit & Ors

Kohli v Lit & Ors

The court corrected arithmetical errors in the valuation, allowed deduction of the redemption fee and unpaid share capital, but declined to deduct further net liabilities due to lack of evidence and the agreed price-earnings methodology. Completion was set for 21 days from judgment. Costs were apportioned two-thirds to the petitioner up to liability judgment and all thereafter. Permission to appeal was refused as the assessment was within the judge's discretion and based on evidence.

Parties
Claimant: Geeta Kohli; Defendant: Dr Avtar Lit; Defendant: Ravinder Kumar Jain; Defendant: Surinderpal Singh Lit; Defendant: Sunrise Radio Ltd
Jurisdiction
England and Wales
Judgment Date
08 March 2012
Procedural Posture
Company/shareholder Petition / Post Judgment Valuation and Costs Determination
Outcome
Valuation corrected; share purchase to complete in 21 days; costs apportioned; permission to appeal refused.
Legal Topics
Shareholder Valuation, Unfair Prejudice, Costs, Completion Date, Interest on Judgment
Company Law Shareholder Valuation Unfair Prejudice Costs Completion Date Interest on Judgment

Case Brief

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Parties

Geeta Kohli

Claimant

Dr Avtar Lit

Defendant

Ravinder Kumar Jain

Defendant

Surinderpal Singh Lit

Defendant

Sunrise Radio Ltd

Defendant

Procedural Posture

Company/shareholder Petition / Post Judgment Valuation and Costs Determination

Legal Issues

  1. 1 Whether arithmetical errors in share valuation should be corrected
  2. 2 Whether redemption fee and unpaid share capital should be deducted from valuation
  3. 3 Whether net liabilities beyond bank debt should be deducted

Ratio Decidendi

The court corrected arithmetical errors in the valuation, allowed deduction of the redemption fee and unpaid share capital, but declined to deduct further net liabilities due to lack of evidence and the agreed price-earnings methodology. Completion was set for 21 days from judgment. Costs were apportioned two-thirds to the petitioner up to liability judgment and all thereafter. Permission to appeal was refused as the assessment was within the judge's discretion and based on evidence.

Court Disposition

Valuation corrected; share purchase to complete in 21 days; costs apportioned; permission to appeal refused.

Orders

  • Redemption fee of £250,000 and unpaid share capital of £9,000 to be deducted from valuation.
  • Kismat Radio valuation set to nil.