Court Stops Indians From Taking Over Octogenarian’s Firms
Justice Nicholas Oweibo of a Federal High Court, Lagos, Wednesday, made an interim order restrained three India nationals, from taking any steps aimed at taking over three Nigeria firms, Bolawole Enterprises Nigeria Limited, Lesag Nigeria Limited and Intermanagement Nigeria Limited, owned by an 87 year-old, Isaac Oluwole Oginni and his wife, Mobolatan Kehinde.
The Indians affected by the court order in a suit marked FHC/L/CS/1431/2019, are: Mr. Jai Bhagwan Gupta, and his two sons, Vineet Gupta and Rachit Gupta.
Justice Oweibo also made an order of interim injunction restraining the India citizens, their Agents, Representatives, Servants, Privies, or any persons acting for them or on their behalf from convening the 13th Ordinary General Meeting scheduled for the first defendant on the 2nd of August 2019 at the Registered Office at No. 14, Fatai Atere Way, Matori, Mushin Lagos State, for the removal of the Plaintiffs Mr. Isaac Oluwole Oginni and Mrs. Mosebolatan Kehinde Oginni as Directors of the 1st Defendants pending the hearing and determination of the Originating Summons.
The court also ordered in the interim an injunction restraining the Defendants, their Agents, Representatives, Servants, Privies, or any persons acting for them or on their behalf from convening the Extra Ordinary General Meeting scheduled for 2nd Defendant on the 23rd of August 2019 at Sheraton Hotel, lkeja, Lagos State, for the removal of the Plaintiffs Mr. Isaac Oluwole Oginni and Mrs. Mosebolatan Kehinde Oginni, as Directors of the 2nd Defendant pending the hearing and determination of the Originating Summons.
And order of interim injunction restraining the Defendants, their Agents, representatives, Servants, Privies, or any persons acting for them or on their behalf from convening the Extra Ordinary General Meeting scheduled for 3rd Defendant on August 22, 2019 at Adeleke Adedoyin street, Victoria Island, Lagos State, for the removal of the Plaintiffs Mr. Isaac Oluwole Oginni and Mrs. Mosebolatan Kehinde Oginni, as Directors of the 3rd Defendant pending the hearing and determination of the Originating Summons.
Justice Oweibo made the interim order after listening to the counsel to the Octogenarian’s counsel, Mr. Yakubu Galadima, who moved and argued the exparte motion for the order.
The matter has been adjourned till September 5, for hearing of substantive suit.
The Octogenarian in an affidavit averred that he is a Director as well as the Executive Chairman of the three firms with 5,250,000 million ordinary share capital interest and that his wife, who is the second plaintiff is also a Director in the companies with an interest shareholding of 2,750,000 million, ordinary share capital.
The Octogenarian’ stated that the companies were incorporated under the Companies and Allied Matters Act with the objectives among others include the production, procurement supply, exportation of cash crops such as, Cocoa, Palm Kernel, Crude Palm Kernel Oil, Palm Kernel Cake et cetera. And management of corporate entities, coordinating inter-relationship between Corporate bodies and ensuring their cordiality.
He also stated that the himself and his wife are the promoters and first subscribers to the incorporation of the firms and as such he became the sole signatory to the companies’ corporate accounts.
He further stated that pon the request and plea of the fourth Defendant, Jai Bhagwan Gupta and with the consent of his wife, the fourth defendant was absorbed into the management of the Bolawole Enterprises Nigeria Limited, as a trainee and/employee, learning the skill of trading in cash crops; such as: the supply, production, storage and exportation of cash crops.
The deponent stated that upon his retired from active service in 2005 and devote all my time and attention towards the attainment of the objectives of the companies and because of the snail trailing of the companies, several loan facilities were obtained from financial institutions secured with the statement of net worth of properties belonging to his wife and their joint personal guarantee of both 1st and the 2nd Plaintiffs.
He also stated that while he became fully active in the firms Defendants in 2005 no emolument or monetary benefit was payable to me and his wife, the second plaintiff, despite several verbal demands.
And that within the year 2012 to 2014, he was able to secure a government export expansion grant in the sum of N7, 390, 543, 659.60 billion, for the benefit of the firms, which he said were diverted by Mr. Jai Bhagwan Gupta, to acquire personal property both within and outside the shores of this country.
He stated that the above inactions were brought to the notice of the fourth Defendant, for proper correction and that the grant should be utilized for the purpose for which it was granted but the fourth defendant did not only fail to make goods on the anomalies but failed to pay him his due commissions and benefits from the activities the firms.
