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Offshore Cases

Royal Westminster Investments S.A and Bhagwan Mahtani and Sunder Dalamal and Nari Dalamal -v- Nilon Limited and Manmohan Varma

January 2012 Companies Rectification of Share Register

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

COMPANIES - RECTIFICATION OF REGISTER - BVI BUSINESS COMPANIES ACT S.43 - SCOPE OF JURISDICTION

The issue on appeal was primarily whether the scope of the Court’s discretion under Section 43 of the BVI Business Companies Act (the “Companies Act”) permitted the Court to order the rectification of the register of members where the Applicant could not demonstrate that it clearly had a present right to be registered. The Judge, at first instance said it did not because the purpose of Section 43 of the Companies Act was to enable the court to ensure that the Company’s register of members accurately reflected the state of its membership and was not there to establish title to shares. The Court of Appeal disagreed.

The case concerned a joint venture agreement entered into by the Second Appellant, Third Appellant, Fourth Appellant and Second Respondent whereby it was agreed that they would carry on the business of importing and selling rice in Nigeria, carried out through a company to be incorporated. It was agreed that each joint venturer was to contribute to the capital of and subscribe for shares in that company in agreed proportions.

 

To continue reading full articles in PDF format:
Royal Westminster Investments S.A and Bhagwan Mahtani and Sunder Dalamal and Nari Dalamal -v- Nilon Limited and Manmohan Varma

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Royal Westminster Investments S.A and Bhagwan Mahtani and Sunder Dalamal and Nari Dalamal -v- Nilon Limited and Manmohan Varma

01 January 2012

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

COMPANIES - RECTIFICATION OF REGISTER - BVI BUSINESS COMPANIES ACT S.43 - SCOPE OF JURISDICTION

The issue on appeal was primarily whether the scope of the Court’s discretion under Section 43 of the BVI Business Companies Act (the “Companies Act”) permitted the Court to order the rectification of the register of members where the Applicant could not demonstrate that it clearly had a present right to be registered. The Judge, at first instance said it did not because the purpose of Section 43 of the Companies Act was to enable the court to ensure that the Company’s register of members accurately reflected the state of its membership and was not there to establish title to shares. The Court of Appeal disagreed.

The case concerned a joint venture agreement entered into by the Second Appellant, Third Appellant, Fourth Appellant and Second Respondent whereby it was agreed that they would carry on the business of importing and selling rice in Nigeria, carried out through a company to be incorporated. It was agreed that each joint venturer was to contribute to the capital of and subscribe for shares in that company in agreed proportions.

 

To continue reading full articles in PDF format:
Royal Westminster Investments S.A and Bhagwan Mahtani and Sunder Dalamal and Nari Dalamal -v- Nilon Limited and Manmohan Varma

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com