gabriel ponsiani makundi vs sec east african co ltd 4 others 2024 tzhccomd 14 23 february 2024
The petitioner is the lawful owner of 4,512 fully paid-up shares in the 1st respondent company, the removal as director was not done in accordance with the law and proper procedure, and the respondents' actions were unfairly prejudicial. Reliefs sought for appointment as chairman/managing director, co-signatory rights, audit, dividends, commissions, and injunctions were declined as they are matters for the company or lacked evidentiary basis. The cross-petition lacked merit as the evidence supports the petitioner's shareholding and no proof was provided for the respondents' claims.
Source excerpt
- Shareholding
- Director removal
- Unfair prejudice
- Corporate governance
- Dividends
- Share forfeiture