: Small Enterprise Finance Agency (Ltd) (CT009June2015), Ex parte [2015] ZACT 63 (1 July 2015)

: Small Enterprise Finance Agency (Ltd) (CT009June2015), Ex parte [2015] ZACT 63 (1 July 2015)

The Tribunal found that the applicant provided satisfactory reasons for not being able to hold its AGM within the statutory 15-month period. The need to allow the Minister of Small Business Development time to consider appointments to the Board and Audit Committee constitutes good cause. Accordingly, the Tribunal granted the extension, permitting the AGM to be held on or before 25 August 2015.

Citation
[2015] ZACT 63
Parties
Applicant: Small Enterprise Finance Agency (Ltd)
Court
Competition Tribunal
Jurisdiction
South Africa
Judgment Date
1 July 2015
Case Number
CT009JUNE2015
Procedural Posture
Ex Parte Application / Decision
Outcome
Application for extension to convene AGM later than the statutory period is granted.
Judges
Kganyago M.F
Legal Topics
Annual General Meeting Extension, Companies Act Section 61, Board Appointment Delay
Commercial and Corporate Annual General Meeting Extension Companies Act Section 61 Board Appointment Delay

Case Brief

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Parties

Small Enterprise Finance Agency (Ltd)

Applicant

Procedural Posture

Ex Parte Application / Decision

Legal Issues

  1. 1 Whether the applicant has shown good cause for an extension to hold its Annual General Meeting later than 15 months from the previous AGM.
  2. 2 Whether the Companies Tribunal should grant relief allowing the AGM to be held outside the statutory period.

Ratio Decidendi

The Tribunal found that the applicant provided satisfactory reasons for not being able to hold its AGM within the statutory 15-month period. The need to allow the Minister of Small Business Development time to consider appointments to the Board and Audit Committee constitutes good cause. Accordingly, the Tribunal granted the extension, permitting the AGM to be held on or before 25 August 2015.

Court Disposition

Application for extension to convene AGM later than the statutory period is granted.

Orders

  • The applicant's application for an extension to convene its AGM later than the stipulated 15 months is granted.
  • The applicant must convene its AGM of shareholders on or before 25 August 2015.