CaseLaw
Santana V. Ajede (2000) CLR 5(d) (CA)
Judgement delivered on may 22nd 2000
Brief
Facts
The appellant was the Petitioner in the Lower Court. On the 24th September 1992, it filed a Petition in Suit No. FHC/L/CP/227/92 before Hon. Justice R.N. Ukeje of the Federal High Court in Lagos Praying that the 2nd respondent be wound up by the Court under the provisions of the Companies and Allied Matters Decree 1990. The alternative prayer was for the court to direct the purchase of the Petitioner’s shares in the respondent company by the other shareholders at par or at such other price as the court may, after due investigation, hold to be the value of the said shares. On 16th December 1992 the Petitioner filed an application for an order granting him leave to advertise the petition, pursuant to Rule 19(1) of the Companies Winding-up Rules 1968, in order to give proper notice of the petition to all who may be interested in appearing in the hearing of the petition.
Respondents in a counter-affidavit opposed the winding-up petition. They also opposed the order for advertisement on the ground that such an order would have an adverse and negative effect on the image and business of the 2nd Respondent Company as well as inflicts irreparable injury on it.
The trial judge dismissed the application for leave to advertise the petition; whereupon the appellant appealed to the Court of Appeal.