Director Reinstated Due to Illegal Removal; Share Sell-Back Option Available Post Mismanagement Claims.

The Co. petition concerning the removal of a director and alleged mismanagement resulted in the reinstatement of the petitioner as director due to an illegal removal process lacking quorum. The petitioner must return the refund order to the company's accounts. Additionally, the petitioner has the option to sell their shares back to the company based on an independent valuation, with a valuer appointed by the Board if the petitioner opts to exit. The petition is allowed with no costs awarded.

---

---

Issues involved: Company petition regarding removal of director, illegal EGM, alleged mismanagement, and dispute over company funds.

Summary:
1. The petitioner, a director of the company, filed a petition against the respondent alleging differences between directors, illegal removal of petitioner, and mismanagement of company funds. Allegations include attempts to siphon company funds and improper conduct in meetings.

2. Respondents argue that the company was founded by respondent No. 2, who invested in the company and offered the petitioner a role due to their friendship. Allegations of petitioner's misconduct, undercutting clients, and colluding with a Chartered Accountant to manipulate company affairs are made. Respondent No. 2 was removed as director due to non-attendance and hindrance by the Chartered Accountant.

3. After considering arguments, it was found that the removal of the petitioner as a director was illegal due to lack of quorum in meetings held without the petitioner. The petitioner is reinstated as director. The refund order in possession of the petitioner should be deposited back into the company's accounts.

4. The petitioner is given the option to sell their shares back to the company based on an independent valuation. If the petitioner chooses to exit the company, a valuer will be appointed by the Board.

Judgement: The petition is allowed with no costs awarded.

---