anna tabaro rweyemamu vs kilimanjaro game trails ltd others 2008 tzhc 175 13 november 2008

anna tabaro rweyemamu vs kilimanjaro game trails ltd others 2008 tzhc 175 13 november 2008

The court held that the plaintiff was invited by the 2nd and 3rd defendants to join the company, was validly allotted 25 shares, and did not surrender them. The share certificate and board resolutions evidenced her status as shareholder. The defendants were estopped from denying her shareholding. The plaintiff is entitled to specific performance for allotment of shares and to profits/dividends as a shareholder.

Citation
anna tabaro rweyemamu vs kilimanjaro game trails ltd others 2008 tzhc 175 13 november 2008
Parties
Plaintiff: Annatabaro Rweyemamu; 1st Defendant: Kilimanjaro Game Trails Ltd; 2nd Defendant: Khalid Mbarak; 3rd Defendant: Ephraim Demeksa
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
13 November 2008
Procedural Posture
Civil / Judgment
Outcome
Judgment for the plaintiff against the defendants jointly and severally with costs.
Legal Topics
Share Allotment, Shareholder Rights, Specific Performance, Company Profits, Dividends, Corporate Governance
Source Language
English
Company Law Commercial Law Share Allotment Shareholder Rights Specific Performance Company Profits Dividends Corporate Governance

Case Brief

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Parties

Annatabaro Rweyemamu

Plaintiff

Kilimanjaro Game Trails Ltd

1st Defendant

Khalid Mbarak

2nd Defendant

Ephraim Demeksa

3rd Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the plaintiff was invited to become a shareholder in the 1st defendant company
  2. 2 Whether the plaintiff fraudulently acquired shares
  3. 3 Whether payment for shares was a condition precedent to allotment

Ratio Decidendi

The court held that the plaintiff was invited by the 2nd and 3rd defendants to join the company, was validly allotted 25 shares, and did not surrender them. The share certificate and board resolutions evidenced her status as shareholder. The defendants were estopped from denying her shareholding. The plaintiff is entitled to specific performance for allotment of shares and to profits/dividends as a shareholder.

Court Disposition

Judgment for the plaintiff against the defendants jointly and severally with costs.

Orders

  • The 1st defendant to allot 25 shares to the plaintiff as resolved by the Board meeting of 28/10/1999.
  • The defendants to pay the plaintiff Tsh 110,000,000 as profit/dividend for the years 2001-2008.