Maliehe V EuroTyres PTY LTD (CCA/0092/2022) [2023] LSHC 133 (3 August 2023)

Maliehe V EuroTyres PTY LTD (CCA/0092/2022) [2023] LSHC 133 (3 August 2023)

A shareholder cannot be paid the value of his shares while the company remains undissolved except through a buy-out in terms of section 41 of the Companies Act, 2011. No agreement for buy-out was reached, and the court cannot grant dissolution as it was not sought by the applicant.

Citation
[2023] LSHC 133
Parties
Applicant: Mokobane Maliehe; 1st Respondent: Eurotyres (Pty) Ltd; 2nd Respondent: Nako Matsoso; 3rd Respondent: Teboho Moshoeshoe; 4th Respondent: Khotso Nkala; 5th Respondent: Standard Lesotho Bank; 6th Respondent: Master of the High Court; 7th Respondent: Attorney General
Court
High Court
Jurisdiction
Lesotho
Judgment Date
3 August 2023
Case Number
CCA/0092/2022
Procedural Posture
Commercial Application / Judgment
Outcome
Application dismissed with costs
Legal Topics
Shareholder Rights, Buy Out of Shares, Company Dissolution
Source Language
English
Company Law Shareholder Rights Buy Out of Shares Company Dissolution

Case Brief

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Parties

Mokobane Maliehe

Applicant

Eurotyres (Pty) Ltd

1st Respondent

Nako Matsoso

2nd Respondent

Teboho Moshoeshoe

3rd Respondent

Khotso Nkala

4th Respondent

Standard Lesotho Bank

5th Respondent

Master of the High Court

6th Respondent

Attorney General

7th Respondent

Procedural Posture

Commercial Application / Judgment

Legal Issues

  1. 1 Whether a shareholder can be paid the value of his shares while the company remains undissolved
  2. 2 Whether the court can grant relief not sought by the applicant

Ratio Decidendi

A shareholder cannot be paid the value of his shares while the company remains undissolved except through a buy-out in terms of section 41 of the Companies Act, 2011. No agreement for buy-out was reached, and the court cannot grant dissolution as it was not sought by the applicant.

Court Disposition

Application dismissed with costs

Orders

  • The application is dismissed with costs.