Pillay v Stokes and Others (2022/22021)
Pillay v Stokes and Others (2022/22021) [2025] ZAGPJHC 733 (24 July 2025)
The court found that the second and third respondents, acting as executive directors, failed to comply with statutory obligations by not holding annual general meetings, not preparing audited financial statements for several years, and failing to conduct due diligence on qualifying companies. Their explanations for non-compliance were inadequate and did not excuse their breaches. The directors' conduct amounted to gross negligence and wilful misconduct, justifying a declaration of delinquency under section 162(5) of the Companies Act. The fourth respondent, as a non-executive director, demons…
Source excerpt
- Delinquent Director
- Fiduciary Duties
- Companies Act Section 162
- Failure To Hold Agm
- Failure To Prepare Audited Financials
- Breach Of Subscription Agreement