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Tanzania decisions
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Applicant, as shareholder, lacks locus standi to institute proceedings or seek interim orders regarding assets of Reef Gold Limited; only the company itself can enforce rights over its mining licences. Application for Mareva injunction and interim orders is incompetent and not maintainable.
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The appeal was dismissed because the petition was a proper derivative action with statutory notice duly served and leave granted; the High Court was justified in granting consequential reliefs, including remission of shares and management, due to breach of the JVA and SPA and lack of consideration; general damages were justified based on the exclusion of minority shareholders and unjust enrichment; and the procedure of determining the petition by affidavits and written submissions was proper and caused no prejudice.
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The applicants demonstrated arguable points of law suitable for consideration by the Court of Appeal, including issues of procedure, jurisdiction, and reliefs granted. The court exercised its discretion to grant leave to appeal as the grounds raised were not frivolous and warranted appellate scrutiny.
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High Court derivative action over alleged breach of a joint venture and share purchase agreement, unlawful name change, and management misconduct.
The Applicants, as members of the company, satisfied the statutory requirements under section 234(2) of the Companies Act by issuing proper notice to directors, acting in good faith, and demonstrating that the action is in the company's interest due to irreconcilable disputes and inability of the board to act. Leave to institute and prosecute derivative action is therefore granted.
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