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South Africa Case Law

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Commercial And Corporate [2018] ZAGPJHC 409

Reezen Limited v Excellerate Holdings Limited and Others (11899/2018)

Reezen Limited v Excellerate Holdings Limited and Others (11899/2018) [2018] ZAGPJHC 409; 2018 (6) SA 571 (GJ) (22 June 2018)

Court
South Gauteng High Court, Johannesburg
Case number
11899/2018
Judge
P.A. Meyer

The court found that the share sale and subscription agreement constituted a 'series of integrated transactions' under section 41(3) and 41(4) of the Companies Act, as both transactions were entered into on the same day, involved related parties, and concerned the acquisition of shares in Excellerate. The issue of 56,892,489 new shares to BT exceeded the 30% threshold, requiring shareholder approval by special resolution, which was neither sought nor obtained. The contravention of section 41(3) was clear. The court held that the legislative intent of section 41(3) is to protect shareholders f…

Source excerpt

  • Companies Act 71 Of 2008
  • Shareholder Approval
  • Issue Of Shares
  • Series Of Integrated Transactions
  • Statutory Voidness
  • Minority Protection
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Tax Law [2009] ZAGPPHC 152

Commissioner for South African Revenue Service v Labat Africa Limited (A206/06)

Commissioner for South African Revenue Service v Labat Africa Limited (A206/06) [2009] ZAGPPHC 152; 72 SATC 75 (11 December 2009)

Court
North Gauteng High Court, Pretoria
Case number
A206/06
Judges
Webster, Louw, Sapire

The court held that the issue of shares by a company for the acquisition of an asset constitutes expenditure for the purposes of section 11(gA) of the Income Tax Act. The judgment reasoned that if the transaction had involved the seller purchasing shares at an agreed price and applying the proceeds to the purchase consideration, it would clearly be expenditure. There is no material distinction between such a transaction and the issue of shares in exchange for an asset. The court confirmed that the incurrence of an unconditional legal obligation to issue shares satisfies the requirement of 'ex…

Source excerpt

  • Income Tax Deduction
  • Expenditure Definition
  • Issue Of Shares
  • Section 11 Ga Interpretation
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About this LexChat collection

South Africa decisions are organised by court, judge, legal area and indexed issue so a practitioner can move from a proposition to a citable authority with the surrounding context intact.

Source links and collection timestamps are retained alongside the indexed records.