AMANSIE WEST RURAL BANK LIMITED V. BROOKS ASSET MANAGEMENT LIMITED & 6 ORS.

RULING

The Securities and Exchange Commission, the Applicant herein, per its lawyer moves the court as follows:

1. That the jurisdiction of this Honourable Court has been improperly invoked under the High Court Civil Procedure) Rules, 2004 (C.I.47) as amended.

2. That the Suit/Action is premature as the mandatory or domestic remedies provided under the Securities Industries Act, 2016 (Act 929) (hereinafter called the ‘SIL’) have not been complied with by the Plaintiffs.

3. That this suit is an abuse of this Honourable court’s process and vexatious.

The gravamen of the application is that the Respondent has not exhausted the mandatory local remedies provided under Act 929 and therefore this court’s jurisdiction has not been properly invoked. It has been argued by counsel for the applicant that the Plaintiff’s case falls within the purview and legal mandate of the Commission. And, the Commission has rules which require that “a complaint, dispute or any violation arising under this Act shall …