Appleby Mauritius advised the Applicant, a minority shareholder which holds stakes in a joint venture company, invested in the transportation of crude oil and other oil products in Africa.
In order to protect the rights of the Applicant, Appleby Mauritius acted for the Applicant and successfully applied for interim relief granted by the Judge in Chambers during this unprecedented and challenging lockdown period on 29 April 2020. Pursuant to the Judge's Order, a restraining order has been issued to prevent board decisions affecting the rights of the Applicant, in order to avoid the risk of shareholder level decisions being left at the mercy of the board and to the detriment of the minority shareholder.
The intervention of the Court reaffirms the protection afforded to shareholders under the Companies Act and adherence to good governance principles whilst avoiding any interference with internal management decisions.
Originally published 8 May, 2020