In Wells v. Bioniche Life Sciences Inc., a group of
dissident shareholders attempted to gain control of Bioniche Life
Sciences Inc. (the "Company") by requisitioning a
shareholders' meeting to replace the Company's management.
Bioniche's Board of Directors resisted the Dissidents, and the
parties eventually came before Justice D. M. Brown of the Ontario
Superior Court of Justice to have him determine several issues
relating to a shareholder's right to requisition or call
meetings under s. 143 of the Canadian Business Corporations
Act. An article summarizing Justice's Brown's
findings and analyzing the practical implications of the decision
was recently published in the Commercial Litigation and
Arbitration Review by Rahool Agarwal, an associate at Norton
Rose Fulbright and a member of its Special Situations Team. A
copy of the article can be accessed
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All corporations should be concerned with conduct risk in 2017. The threat of loss, both financial and reputational, due to the actions of one, or many, managers or employees is greater than it has ever been.
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