9 Dec 2009
HERO RICH INTERNATIONAL LTD v. BENEFUN INTERNATIONAL HOLDINGS LTD AND OTHERS
- Citation
- HERO RICH INTERNATIONAL LTD v. BENEFUN INTERNATIONAL HOLDINGS LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA1433/2009
Articles 39 and 40 must be read together; the board had no entitlement to rely on article 40 to withhold registration of fully paid shares in the circumstances; article 41(a) was not validly exercised prior to litigation and cannot be relied upon belatedly; Blackpool's unacted-upon allegations were insufficient to justify withholding; allegations of agency and secret commission lacked credibility and did not establish an equitable lien; therefore the 1st defendant was ordered to register the transfer and interlocutory judgment was granted for damages and costs.