ttlc company ltd 3 athers vs tri tel t ltd 2003 tzhccomd 39 7 june 2003
The respondent is unable to pay its debts, has ceased business, and its license has been cancelled. The debenture appointing Receivers/Managers is invalid for want of proper board authority and quorum. The 4th petitioner has locus standi as both creditor and shareholder. The company should be wound up, a liquidator appointed, and an investigation conducted into the affairs of the respondent and its relationship with Citibank Tanzania Ltd.
Source excerpt
- Winding up of company
- Appointment of liquidator
- Invalidity of debenture
- Shareholder rights
- Creditors' claims
- Receivership