Nebavest 1 (Pty) Ltd t/a Minster Consulting v Central Plaza Investments 202 (Pty) Ltd and Others (4212/2017)
Nebavest 1 (Pty) Ltd t/a Minster Consulting v Central Plaza Investments 202 (Pty) Ltd and Others (4212/2017) [2023] ZAWCHC 69; [2023] 2 All SA 795 (WCC) (12 April 2023)
The court found that the applicant failed to satisfy the good faith requirement under s 165(5)(b)(i) of the Companies Act. The applicant's allegations were superficial, vague, and unsupported by credible evidence. The applicant did not confront or address material evidence from prior related proceedings, and its delay in bringing the application was unexplained. The court held that the claims for breach of fiduciary duty against the directors were time-barred under s 77(7) of the Companies Act, which creates an absolute time bar. The applicant's reliance on an alleged oral agreement was impro…
Source excerpt
- Derivative Actions
- Companies Act 2008
- Director Fiduciary Duties
- Prescription And Time Bars
- Rectification Of Contracts