The two minority shareholders of Newswatch Communications Ltd, Mr. NuhuWada Aruda and Prof. Jibril Aminu, who instituted a suit against the company and its new management before a Federal High Court in Lagos, yesterday prayed the court for an order to allow them amend their petition.
The two petitioners had filed the substantive petition, accusing the new management, led by Dr. Jimoh Ibrahim, OFR, of assuming control of the company "illegally", even though they admitted that majority of the company's shares had been legally transferred to Ibrahim via a Share Purchase Agreement, SPA, signed by all the parties.
The petitioners are therefore, praying the court to quash the powers of the current management elected by the majority of the shareholders. In their petition, with no. FHC/L/CP/1367/2012, brought pursuant to sections 310 (a), (b) and (c) and 311 (1), (2) (a) and (b) of the Companies and Allied Matters Act, the applicants are also praying the court to, among others, set aside the SPA on the basis of which Dr. Ibrahim assumed majority shareholding in the company.
Joined as respondents in the matter are; Newswatch Communications Ltd and Global Media Mirror Ltd. At the proceedings yesterday, the petitioners, represented by Mr. Ladipo Olugbani, applied to the court to allow his clients to amend their claims in the petition.
He added that he had filed a motion for amendment, dated June 26, 2013 and that the document had been served on the respondents. He urged the court to grant his prayer.
National Mirror