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Tanzania decisions
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The 1st respondent's exclusion of the petitioners from management, failure to convene meetings, lack of transparency, and unilateral dealings with company assets constituted unfair prejudice to the petitioners' interests as minority shareholders under section 233 of the Companies Act. The petitioners proved their case on the balance of probabilities.
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The High Court found the respondent’s affairs were unfairly prejudicial to a minority shareholder and ordered access to company records, but refused damages and other broader relief.
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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Minority shareholders sought relief over alleged mismanagement and failed meetings, but the High Court ordered an extraordinary directors’ meeting to address the disputes.
The High Court dismissed a winding-up petition over Diesel & Auto Electric Services (DAS) Ltd, finding no proved fraud and no just and equitable basis to wind up the company.
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