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The HC upheld the interim injunction restraining the defendants from representing themselves as shareholders, directors, or agents of the plaintiff company and from dealing with its assets. The court found prima facie evidence of collusion to undervalue and sell company properties, causing potential irreparable harm to the plaintiffs. It emphasized that interlocutory relief aims to preserve the status quo until final adjudication, requiring judicial discretion based on comparative inconvenience. The court rejected the defendants' claim of improved rights or new evidence of forgery, affirming the plaintiffs as de facto directors managing the company. Consequently, any sale of the company's landed assets must be conducted at prevailing market rates, with full disclosure of sale details to the court. The application for modification was disposed of accordingly.
The HC upheld the interim injunction restraining the defendants from representing themselves as shareholders, directors, or agents of the plaintiff company and from dealing with its assets. The court found prima facie evidence of collusion to undervalue and sell company properties, causing potential irreparable harm to the plaintiffs. It emphasized that interlocutory relief aims to preserve the status quo until final adjudication, requiring judicial discretion based on comparative inconvenience. The court rejected the defendants' claim of improved rights or new evidence of forgery, affirming the plaintiffs as de facto directors managing the company. Consequently, any sale of the company's landed assets must be conducted at prevailing market rates, with full disclosure of sale details to the court. The application for modification was disposed of accordingly.
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