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Financial News

Dec 2013 Financial News

TCL - Updated Notice: Court Matters Related To Shareholders' Proposal

Dec 11, 2013

Further to our most recent advisory of October 22, 2013, we wish to apprise you of the following developments:

Appeal of Injunction:
The injunction, which restrained the company from holding its 2012 annual meeting, was upheld by Justices of Appeal Soo Hon, Rajnauth-Lee and Narine in the Port of Spain Court of Appeal on November 20, 2013.

The Court of Appeal determined that the Trial Judge failed to consider all of the limbs of the legal test for the grant of an injunction; however, they exercised their independent discretion and dismissed the appeal. The Injunction will continue pending the hearing and determination of the claim. The Court of Appeal also indicated that there were several serious issues to be tried, including whether Republic Bank Limited used the proposing shareholders as a façade in order to gain control of the Board. These and other issues were referred to the High Court to be heard and determined.

Substantive Matter – Shareholders’ Proposal
The matter came up for Case Management Conference at the High Court on December 2, 2013, and has been put to January 20, 2014, for directions.

Inquiries or comments may be directed to the Group Manager – Legal/Company Secretary at TCL, Claxton Bay.


Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday December 11, 2013