Piotrans (Pty) Ltd and Another v MMC of Transport COJ and Others (2023/037410)
Piotrans (Pty) Ltd and Another v MMC of Transport COJ and Others (2023/037410) [2023] ZAGPJHC 601 (30 May 2023)
The court found that the applicants failed to establish urgency, as they were aware of the shareholders' meeting and the impending changes but delayed taking action. The relief sought was largely an afterthought, triggered by the respondents' opposing papers. The shareholders, holding a substantial majority of shares, lawfully exercised their rights under the Companies Act and the Memorandum of Incorporation to remove and appoint directors. The applicants, whose board was dissolved, lacked locus standi to bring proceedings on behalf of the first applicant. The complexity and volume of the pap…
Source excerpt
- Companies Act Section 71
- Memorandum Of Incorporation
- Urgent Interdict
- Locus Standi
- Board Removal
- Shareholder Resolution