*Directs CAC to Investigate And Wind Up Company
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The Federal High Court in Abuja has delivered a judgment in favour of the Petitioners, Mr. Ramjee Yogasundaram, Mr. Ramjee Damodaran, and Mr. Ramjee Mohankumar, against Sochem Construction Chemicals and Industries Nigeria Limited and its directors, Mr. Arunachalam Venkateswaran and Venkateswaran Malathy.
In the said Judgement, Honourable Justice J. O. Abdulmalik ordered that the petitioners are entitled to 35% share of the earnings of Sochem Construction Chemicals and Industries Nigeria Limited from the date of its incorporation until the date of the judgment. The court also directed the 1st, 2nd, and 3rd respondents to provide accurate accounts of all the earnings of the company and the petitioners’ 35% share from the date of Incorporation till date.
The court found that the failure, neglect, or refusal by the 1st, 2nd, and 3rd Respondents to provide the Petitioners with accounts of the affairs, businesses, financial transactions, and earnings of the company, as well as their failure to remit the Petitioners’ respective shares, was oppressive, unfairly prejudicial, and discriminatory against the Petitioners. The court held that this amounted to flagrant negligence and a breach of the duty owed to the Petitioners by the 1st and 2nd Respondents, Mr. Arunachalam Venkateswaran and Venkateswaran Malathy.
Consequently, the court ordered the 1st and 2nd Respondents, Mr. Arunachalam Venkateswaran and Venkateswaran Malathy, to jointly and severally pay to the Petitioners the sum of N300,000,000.00 (Three Hundred Million Naira) as general damages for negligence and breach of duty.
Furthermore, the court issued an order of mandamus compelling the Corporate Affairs Commission (6th respondent) to investigate the administrative affairs, business transactions, earnings, bank accounts, banking/financial transactions, remittances, and assets/liabilities of Sochem Construction Chemicals and Industries Nigeria Limited and to appoint Inspectors pursuant to the investigations.
The court also ordered the Corporate Affairs Commission to initiate winding-up proceedings against the company and ensure that its assets are sold and that 35% of the sale proceeds should be remitted to the Petitioners.
In the judgment the court also awarded 10% yearly interest on the total judgment sum from the date of the judgment until the sum is completely paid by the 1st, 2nd and 3rd Respondents.
However, the court held that there was no ample evidence to support the claims regarding the 4th and 5th Respondents.
Through their Lawyer, Ikechukwu Ikogwe Esq, the Petitioners in 2022 filed a Petition with Petition Number FHC/ABJ/PET/35/2022 against the Respondents, particularly Mr. Arunachalam Venkateswaran and Venkateswaran Malathy (1st and 2nd Respondents), alleging oppressive, unfairly prejudicial and discriminatory conduct in their management of Sochem Construction Chemicals and Industries Nigeria Limited, contrary to Sections 309 (1), 354 (1) and (2) as well as other provisions of the Companies and Allied Matters Act, 2020, which the Court in the judgement decided in favour of the Petitioners.
The Court held that the Petitioners invested the sum of US $174,825.00 in Sochem Construction Chemicals and Industries Nigeria Limited based on their proofs of remittances which they availed the court with. On the other side of the evidential scale, the court held that Mr. Arunachalam Venkateswaran, Venkateswaran Malathy, the 3rd, 4th and 5th Respondents did not avail the court with any concrete material evidence to support their averments that Mr Arunachalam Venkateswaran and Venkateswaran Malathy injected further additional capital of US $24,950.00 in Sochem Construction Chemicals and Industries Nigeria Limited to keep it afloat.
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