Manek & Ors v Wirecard AG

Manek & Ors v Wirecard AG

The claimants' case does not have a realistic prospect of success as there is no substantive evidence that Wirecard AG had actual or blind-eye knowledge of the undervalue sale or participated in any conspiracy. The due diligence conducted by reputable lawyers focused on title, not price, and there is no basis to infer complicity or dishonesty on Wirecard's part. The contemporaneous documents and evidence contradict the claimants' allegations, and no further investigation would alter this conclusion.

Parties
Claimant: Prashant Manek; Claimant: Sanjay Chandi; Claimant: EAGM Ventures (India) Pvt Ltd; Defendant: Wirecard AG
Jurisdiction
England and Wales
Judgment Date
15 July 2020
Procedural Posture
Civil Commercial / Summary Judgment Application
Outcome
Summary judgment granted for the defendant; claim struck out.
Legal Topics
Unlawful Means Conspiracy, Summary Judgment, Due Diligence, Share Purchase Agreements
Civil Procedure Commercial Law Fraud Unlawful Means Conspiracy Summary Judgment Due Diligence Share Purchase Agreements

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Parties

Prashant Manek

Claimant

Sanjay Chandi

Claimant

EAGM Ventures (India) Pvt Ltd

Claimant

Wirecard AG

Defendant

Procedural Posture

Civil Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether the claimants' case against Wirecard AG for unlawful means conspiracy has a realistic prospect of success
  2. 2 Whether Wirecard AG had actual or blind-eye knowledge of the alleged undervalue sale and participated in a conspiracy to injure the claimants

Ratio Decidendi

The claimants' case does not have a realistic prospect of success as there is no substantive evidence that Wirecard AG had actual or blind-eye knowledge of the undervalue sale or participated in any conspiracy. The due diligence conducted by reputable lawyers focused on title, not price, and there is no basis to infer complicity or dishonesty on Wirecard's part. The contemporaneous documents and evidence contradict the claimants' allegations, and no further investigation would alter this conclusion.

Court Disposition

Summary judgment granted for the defendant; claim struck out.

Orders

  • Claimants' particulars of claim struck out
  • Summary judgment entered in favour of Wirecard AG