THE parties into the Vodacom share attachment case yesterday locked horns on whether Vodacom Group Limited should not be allowed to dispose of 1,092,000,130 shares in whatever manner, pending determination of an application lodged by businessman Moto Mabanga.
While advocate Gabriel Mnyele, for the
businessman, seeks orders for “status quo” to be maintained to the
effect that Vodacom Group Limited should not proceed to listing the
shares at the Dar es Salaam Stock Exchange, advocate Fatma Karume, for
the company, was to the contrary view.
Judge Amir Mruma, who is hearing the
matter before the High Court’s Commercial Division, said that he would
deliver his ruling on March 27, after going through the submissions
presented by the parties. He also ordered the counsel for the company to
file her counter affidavit by March 30.
Mr Mabanga has filed an application
before the High Court’s Commercial Division, seeking orders for
attachment of 1,092,000,130 shares of Vodacom Tanzania Public Limited
Company to recover a debt amounting to over 40bn/- he is demanding.
In his submissions, advocate Mnyele told
the judge that as it has been indicated in the plaint of the suit that
has been filed, Vodacom Group Limited, who is among defendants in the
matter, intends to list the shares after April 19, this year, and his
client’s applications target on the said shares.
“These shares are central in our
application. If the shares are left free, it may defeat the purpose of
the application and the suit. I say so because chances are that Vodacom
Group Limited may proceed to dispose of the shares even before being
enlisted,” he submitted.
In order to put the applicant and the
respondents in equal footing, according to the advocate, the counsel for
the respondents should provide a commitment to the court that the
shares held by Vodacom Group in Vodacom Tanzania Public Limited Company
should not be disposed of whatsoever.
Alternatively, advocate Mnyele requested
the court, as it may appear justice and convenient to the parties, to
issue an interlocutory order to maintain the status quo, pending
determination of the application.
“The status quo should be to the effect
that (Vodacom Group Limited) should not dispose or proceed to list the
shares in the Dar es Salaam Stock Exchange until the application is
determined,” the advocate forcefully submitted. In her brief response
submissions, Ms Karume categorically declined the invitation to make a
commitment as far as the disposals of the shares are concerned.
The seasoned advocate told the court that neither the law allowed her to do so nor was a party to the proceedings.
According to her, she had attended the
court session as an advocate for the respondents and that she had no
powers to provide any commitment on the matter. As regard to the interim
order sought, she submitted that the issue related to the balancing of
the rights of the parties.
“What the applicant is inviting the
court is not to go through the process of balancing the rights such as
having a prima facie case, balance of convenience and irreparable loss.
Without addressing the minds on these three issues, the court will not
exercise its jurisdiction fairly,” she submitted
. In the main application, the
businessman, acting as receiver of Namemco Energy PTY Limited, is
further seeking for orders to appoint him a receiver of the shares in
question and order Vodacom Tanzania Public Limited Company to pay all
the dividends, meaning from the said shares to him.
Pursuant to appointment thereof, the
applicant is requesting the court to order Vodacom Group Limited to hand
over the share certificates and any other document of title for the
shares to him, pending determination of his main suit to facilitate the
receivership.
In the main suit, the businessman is
seeking for judgment and decree for the court to open the veils of
incorporation of Vodacom Group Limited and Vodacom Congo DRC SPRL and
that the court should find that the two companies are practically one
and the same
No comments :
Post a Comment