shirin moosajee vs juzer zakiuddin mohamedali 2 others 2022 tzhccomd 155 2 june 2022

shirin moosajee vs juzer zakiuddin mohamedali 2 others 2022 tzhccomd 155 2 june 2022

The forfeiture, transfer, allotment, or sale of the petitioner's shares was not lawfully done due to non-compliance with mandatory procedures in the Articles of Association and Companies Act, lack of notice, consent, meetings, and resolutions; the entire transaction is void ab initio.

Citation
shirin moosajee vs juzer zakiuddin mohamedali 2 others 2022 tzhccomd 155 2 june 2022
Parties
Petitioner: Shirin Moosajee; 1st Respondent: Juzer Zakiuddin Mohamedali; 2nd Respondent: Fatema Juzer Mohamedali; 3rd Respondent: African Lightening Centre Limited
Court
TZHCCOMD
Jurisdiction
Tanzania
Judgment Date
2 June 2022
Procedural Posture
Miscellaneous Commercial Application / Ruling
Outcome
Petition granted
Legal Topics
Shareholder Rights, Director Appointment, Unfair Prejudice, Forfeiture of Shares, Rectification of Register
Source Language
English
Company Law Shareholder Rights Director Appointment Unfair Prejudice Forfeiture of Shares Rectification of Register

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Parties

Shirin Moosajee

Petitioner

Juzer Zakiuddin Mohamedali

1st Respondent

Fatema Juzer Mohamedali

2nd Respondent

African Lightening Centre Limited

3rd Respondent

Procedural Posture

Miscellaneous Commercial Application / Ruling

Legal Issues

  1. 1 Whether the forfeiture, transfer, allotment, or sale of the petitioner's shares was lawfully done
  2. 2 Effect of unlawful forfeiture, transfer, allotment, or sale of shares

Ratio Decidendi

The forfeiture, transfer, allotment, or sale of the petitioner's shares was not lawfully done due to non-compliance with mandatory procedures in the Articles of Association and Companies Act, lack of notice, consent, meetings, and resolutions; the entire transaction is void ab initio.

Court Disposition

Petition granted

Orders

  • Declaration that the 3rd respondent's affairs have been conducted in a manner prejudicial to the petitioner and that the forfeiture of the petitioner's 10 ordinary shares is prejudicial.
  • Declaration that the forfeiture, sale, allotment, or transfer of the petitioner's shares and their subsequent re-allotment to the 2nd respondent is null and void ab initio.