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Dream Camp Kenya Limited v. Mohamed Eltaff, Saga Safaris Limited, Saga Travel and Safaris A B & Tour Africa Safaris Limited

(2018) JELR 102636 (CA)

Court of Appeal  •  Civil Appeal 175 of 2013  •  19 Jan 2018  •  Kenya

Coram
Philip Nyamu Waki, Kathurima M'inoti, Stephen Gatembu Kairu

Judgement

JUDGMENT OF THE COURT

1. In a shareholder dispute between the parties, the High Court (Kasanga Mulwa, J) in a judgment delivered on 28th January 2000 determined that “the best way out of the existing situation...is that the 1st [respondent] sells his shareholding of 10% to the other existing shareholders of the company at a fair market value to be determined by an arbitrator to be agreed by the parties and if not to be appointed by the court.”

2. Subsequently, in a ruling the subject of this appeal delivered on 11th November 2011, the High Court (Mabeya, J) determined that the effective date, for purposes of the valuation of the 1st respondent?s shareholding in the appellant is the date of valuation. Aggrieved, the appellant lodged this appeal.

Background

3. In a suit commenced before the High Court at Nairobi by a plaint dated 19th April 1999, being HCCC No. 450 of 1999, the respondents averred that under an agreement for sale of business dated 19th December 1997, the 2nd respondent sold…

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