An application seeking to liquidate assets to fulfill the debts owed by joint stockholding company, Jacob Investments Limited (JIL)—owners of real estate, is currently before the High Court.
The action was filed by shareholder Daniel Devindranath Parmanand Debidin who, in his capacity as contributory, is seeking among other things to have the Company appoint a liquidator to settle the shares between existing members.
The action is brought against JIL’s Director and Company Secretary Charles Ramkisson Jacob 111, the Deeds and Commercial Registries and the Registrar of Companies who are all listed as Respondents.
In his October 2nd, 2019 Fixed Date Application (FDA), Debidin wants the court to grant an order winding up JIL and to appoint Chartered Accountant, Harryram Parmesar, liquidator, who would then recover all security, remuneration and properties to recover assets in effectively winding up the Company.
Against this background, Debidin wants Parmesar, in accordance with the Companies Act, to sell, dispose of and convey properties belonging to JIL and to then equitably distribute the net proceeds thereof to its members and/or contributories.
Once this is done, the Applicant then wants the court to grant him an order authorizing the liquidator to open and operate an account at one of the commercial banks; so that the liquidator can receive and dispose of all income, payments, rent and proceeds of sale in respect of property belonging to the Company.
Thereafter, Debidin is asking the court to allow the liquidator to pay all expenses, fees, security duties and other costs identical to his duties and to divide and distribute the net proceeds, dividends and income thereof to JIL’s members and/or contributories.
The Applicant also wants Parmesar to be authorized to settle the respective shares/entitlement among the existing members from the net proceeds of income and proceeds of sale to be approved by the court and the manner and mode of payment thereof.
Debidin is asking that JIL be exempted from filing annual returns for the years 2000 to 2018 and for the Deeds and Commercial Registries and/or the Registrar of Companies to restore it to the latter for the purpose of winding up the Company.
Citing what he says is the failure to perform the duties and functions of his office, the Applicant also wants the court to grant an order removing Jacob 111 as Director of the Company.
Another order being sought by Debidin is to have the court authorize Parmesar to repay and reimburse him (Debidin), out of the gross income and proceeds of sale of the Company’s Lot A3 Block C, South Cummingsburg Georgetown property—all costs, expenses and fees incurred in protecting and preserving the assets of JIL.
The UK-based Applicant wants to also be reimbursed from those proceeds his expenses for instituting and maintaining the litigation, travelling and accommodation expenses, all his legal fees, court costs and any other relief the court deems just to grant.
The matter comes up for hearing before Justice Franklyn Holder on March 16th.
Debedin is being represented by Attorney-at-Law Manoj Narayan.
JIL is a limited liability Company which was established on December 9th, 1971.
