Trustco Group Holdings Limited v JSE Limited and Another (11121/2022) [2022] ZAGPPHC 600 (8 August 2022)

Trustco Group Holdings Limited v JSE Limited and Another (11121/2022) [2022] ZAGPPHC 600 (8 August 2022)

The court found that the res judicata argument was ill-conceived, as the interim application before the Tribunal differed in cause of action and subject matter from the present application. The High Court retains authority to grant interim interdicts pending review. The applicant established a prima facie right to...

Source-derived case information.

Citation
[2022] ZAGPPHC 600
Parties
Applicant: Trustco Group Holdings Limited; Respondent: JSE Limited; Respondent: The Financial Services Tribunal
Court
North Gauteng High Court, Pretoria
Jurisdiction
South Africa
Judgment Date
8 August 2022
Case Number
11121/2022
Procedural Posture
Urgent Application / Interim Interdict Pending Review
Outcome
Interim interdict granted pending the outcome of the review application. Costs awarded against the first respondent.
Judges
N Janse Van Nieuwenhuizen
Legal Topics
Interim Interdict, Financial Market Regulation, Review of Administrative Action, Listing Requirements, Separation of Powers
Administrative Law Commercial and Corporate Interim Interdict Financial Market Regulation Review of Administrative Action Listing Requirements Separation of Powers

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Parties

Trustco Group Holdings Limited

Applicant

JSE Limited

Respondent

The Financial Services Tribunal

Respondent

Procedural Posture

Urgent Application / Interim Interdict Pending Review

Legal Issues

  1. 1 Whether the applicant is entitled to interim interdictory relief pending the outcome of the review application.
  2. 2 Whether the matter is res judicata due to prior Tribunal proceedings.
  3. 3 Whether the applicant has established a prima facie right and irreparable harm.

Ratio Decidendi

The court found that the res judicata argument was ill-conceived, as the interim application before the Tribunal differed in cause of action and subject matter from the present application. The High Court retains authority to grant interim interdicts pending review. The applicant established a prima facie right to fair and just administrative action, with grounds for review deserving proper hearing. The harm to Trustco from delisting would be irreparable and outweighs any speculative harm to third parties or market regulation. The balance of convenience favours granting the interim relief, and no adequate alternative remedy exists. Accordingly, the requirements for an interim interdict...

Court Disposition

Interim interdict granted pending the outcome of the review application. Costs awarded against the first respondent.

Orders

  • Pending the outcome of the review application under case number 5640/2020, the first respondent is interdicted and restrained from suspending the applicant’s listing on the Johannesburg Stock Exchange.
  • The first respondent is interdicted and restrained from implementing the second respondent’s decision under case number JSE1/2021 dated 22 November 2021.