TCL fights injunction in court today
The appeal filed by Trinidad Cement Ltd (TCL) against an injunction granted by a group of its minority shareholders is scheduled to be heard in the Port of Spain Appeal Court today.
The appeal was filed by the company’s attorneys Dr Claude Denbow SC and Donna Denbow and challenges the injunction, which prevented board members from holding its annual general meeting on July 5.
Just minutes before the company’s board of directors was scheduled to have its annual general meeting, High Court judge Justice David Harris granted the injunction.
On July 6, attorney for the shareholders Stuart Young filed the injunction on his clients’ behalf, stating that the board refused to carry out their (the shareholders) statutory rights, as they were given inadequate notice in order to put forward nominees for election as directors of TCL.
The shareholders to whom the injunction was granted are Wilnet Holdings Ltd, Stephen Espinet, Masa Investment Ltd, Brimont Ltd, Kamal Ali, Alescon Readymix Ltd, Bourne Investment Inc, Tatil Life Assurance Ltd, Nicholas Development Ltd, Helen Bhagwansingh Ltd and Issa Nicholas Holdings.
Together, the group holds 5.68 per cent of shares in TCL.