Siyanda Resources (Pty) Ltd and Another v Moloto NO; Mashile-Nkosi and Others v Moloto NO and Others (5955/2010, 06013/2010)
Siyanda Resources (Pty) Ltd and Another v Moloto NO; Mashile-Nkosi and Others v Moloto NO and Others (5955/2010, 06013/2010) [2010] ZAGPJHC 14 (26 March 2010)
The court held that the applicants, as members, witnesses, and the company whose affairs were to be investigated, had sufficient locus standi to challenge the ex parte order convening the section 417 enquiry. The liquidator acted without authority by failing to obtain directions from the company in general meeting, but this did not in itself nullify the proceedings. The section 417 enquiry was convened for an improper purpose, namely to investigate the affairs of Kalahari Resources, a separate juristic person, in order to value SMC's shares. The Companies Act does not authorise such an enquir…
Source excerpt
- Members Voluntary Winding Up
- Commission Of Enquiry
- Locus Standi
- Access To Information
- Section 417 Enquiry
- Shareholder Rights