Inhouse Venue Technical Management (Pty) Ltd and Others v Omar and Another; In re: Omar v Inhouse Venue Technical Management (Pty) Ltd and Others (13902/2015)
Inhouse Venue Technical Management (Pty) Ltd and Others v Omar and Another; In re: Omar v Inhouse Venue Technical Management (Pty) Ltd and Others (13902/2015) [2016] ZAWCHC 18 (26 February 2016)
The court held that the proper interpretation of the prior order is that the chartered accountant, in determining the fair market value of Omar's shares, must take into account the contraventions of section 75 of the Companies Act in respect of purchases from related parties, rental paid to related parties, and management fees. However, this does not mean that such expenses must be excluded entirely from the valuation. Instead, the accountant is required to attribute market related values to these transactions, substituting actual expenses only if they are not market related. The purpose of s…
Source excerpt
- Companies Act Section 163
- Minority Shareholder Relief
- Fair Market Valuation
- Director Conflict Of Interest
- Section 75 Contravention