High Court blocks Banks DIH Holdings from capping shareholding
-following application by Guyana Americas Merchant Bank, Beharry Stockbrokers
The High Court yesterday granted an interlocutory injunction restraining Banks DIH Holdings Inc (BDIHHI) from proceeding with a proposed amendment to its by-laws that would cap shareholder voting rights and ownership at 15%, just hours before the company’s Annual General Meeting scheduled for today at 5 pm. BDIHHI slammed the decision and said that it would be appealed.
The ruling, delivered by Justice Sandil Kissoon, followed urgent applications filed by Guyana Americas Merchant Bank Inc. and Beharry Stock-brokers Limited, both shareholders in Banks DIH Holdings Inc. and licensed securities intermediaries operating on the Guyana Stock Exchange.
The court’s orders restrain the company, whether acting through its directors, officers, chairman of the meeting, company secretary, servants, or agents, from presenting, tabling, proposing, putting to a vote, or permitting to be voted upon at the AGM any resolution seeking to confirm, adopt, or give effect to what is described as “New By-Law 8 Share Ownership.” The court further ordered that the operation and legal effect of New By-Law 8 be suspended pending the hearing and determination of the substantive proceedings.
