The Securities and Alternate Cost (SEC) was slammed one totally different lawsuit by displeased shareholders of Oando PLC. The shareholders filed for an interim order restraining SEC, its brokers or representatives from appearing on its Could 31, 2019, letter sanctioning the Administration of Oando. The order was granted and current in courtroom docket had been approved professionals for each SEC (Usman Umar Fari Esq) and the shareholders.
The order restrains the SEC, its brokers or anybody appearing on behalf of the value from disturbing or meddling with the affairs, administration and actions of Oando PLC. It furthermore restrains the SEC’s purported interim Administration from meddling all through the administration and actions of the corporate together with an order restraining SEC from interfering with the shareholder’s put together and effectivity of their statutory powers and duties as shareholders.
That is the second case in a matter of days in opposition to the SEC. The primary seen a ruling in favour of an Oando shareholder Engr. Patrick Ajidua. He had challenged the regulator in a go properly with filed on the Excessive Courtroom of the FCT. He had challenged the SECs right to stop the convening of an Annual Widespread Assembly as a breach of his right to freedom of affiliation.
In a listening to presided by Honorable Justice O. A Musa, all circumstances filed had been granted in favour of Engr. Patrick. In abstract, the choose declared that the Could 31, 2019 letter of SEC to Oando sanctioning its administration, as unconstitutional, null and void and violation of Engr. Patrick’s main right to listening to and his human right to accumulate data on the affairs of Oando and his curiosity and shares in Oando and additional importantly directed that inside 90 days of the ruling Oando should convene an AGM for her shareholders.