Last update: 08-Dec-2013 4:55 am
Sunday, December 08, 2013
Trinidad & Tobago Guardian Online
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TCL must wait for AGM hearing, ruling
The hearing of an appeal brought by local cement manufacturer Trinidad Cement Ltd (TCL), challenging an injunction which blocked its annual general meeting, has been adjourned to next Wednesday. The hearing was originally carded for yesterday, but a notice at the Court of Appeal registry last Thursday said it had been postponed. The notice did not give a reason for the postponement. The company wants the Appeal Court to overturn the injunction which was granted to a group of minority shareholders by High Court judge David Harris hours before the meeting was scheduled to start on July 12.
The injunction forms part of a lawsuit in which the shareholders are challenging a decision by TCL directors to refuse to attach the group’s proposal and statement to the management’s proxy circular which accompanied the notice of the meeting. The minority group wants to nominate five directors to TCL’s board. In the appeal, the company is alleging that Harris made errors in law and did not consider all the evidence before him when he granted the injunction. The notice of appeal said: “The learned judge erred in finding that, on the evidence before him, Wilnet had made out a sufficiently strong case on the evidence to justify the court’s interference with the conduct of the annual meeting of TCL.” TCL is being represented by Dr Claude Denbow, SC, and Donna Denbow. Senior Counsel Douglas Mendes and attorney Stuart Young are representing the shareholders.
The shareholders, who together hold a 5.68 per cent stake in the company, are Wilnet Holdings Ltd, Stephen Espinet, Masa Investments Ltd, Brimont Ltd, Kamal Ali, Alescon Readymix Ltd, Bourne Investment Inc, Tatil Life Assurance Ltd, Nicholas Development Ltd, Helen Bhagwansingh Ltd and Issa Nicholas Holdings.
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