The Caribbean Court of Justice (CCJ) has upheld a decision of the Guyana Court of Appeal which it said acted upon correct principles of law in upholding the 2015 ruling of the High Court which had ordered the winding up of S. A. Nabi & Sons Limited.
In a ruling yesterday, the CCJ said it was satisfied that the Court of Appeal had enough evidence to hold that Ashmidphiraque Sheermohamed was a shareholder of the company and was therefore legally entitled to file a petition for S.A Nabi Ltd., to be wound up.
The apex court said it also found that the Court of Appeal did not misapply the just and equitable principles, as there was an abundance of evidence to support the finding that the parties were in deadlock, while noting that “the general decision-making process within the company had broken down and there was no realistic prospect of it being repaired.”