Consensual interim arrangement permits funding and board meetings while disputed shareholding remains in abeyance

The parties agreed that the company could not function without funding or board meetings while the shareholding dispute remained pending. The consensual arrangement allowed the company to raise debt and equity in accordance with law and to hold board meetings, while keeping the disputed shareholding in abeyance until disposal of the case. The earlier directions were superseded, and the connected applications were disposed of in terms of that consensus.

---

---

Issues: Whether the company could be permitted to raise debt and equity, hold board meetings, and regulate infusion of funds pending adjudication of the disputed shareholding.

Analysis: The parties arrived at a consensus that the company could not function without funds or board meetings. The arrangement permitted the company to proceed with raising debt and equity in accordance with law, while keeping the disputed shareholding in abeyance pending disposal of the case. The earlier directions were superseded and the applications were disposed of in terms of the consensus.

Outcome: The company was permitted to raise funds and hold board meetings under the consensual arrangement, and the connected applications were disposed of accordingly.

---