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NBM BANK LIMITED v. OASIS GROUP LIMITED

(2004) JELR 45005 (CA)

Court of Appeal  •  CA/L/377/03  •  24 Jun 2004  •  Nigeria

Coram
JAMES OGENYI OGEBE JCA; DALHATU ADAMU JCA; SULEIMAN GALADIMA JCA;

Judgement

OGEBE, J.C.A. (Delivering the Leading Judgment): The respondent sued the appellant in the Federal High Court by a writ of summons filed on the 23rd of October 2002 claiming the following reliefs:

"(i) A declaration that the valuation of the defendant's share carried out by KPMG Audit is not fair value of the defendant's shares.

(ii) A declaration that the reliance by the defendant on valuation carried out by KPMG Audit is in contravention of the defendant's Articles of Association.

(iii) A declaration that the decision of the defendant as manifested by the resolution of its Board on 18th defendant and consequently a nullity.

(iv) An order setting aside the valuation report of KMPG Audit on the ground that it does not conform with the requirements of the defendant's Articles of Association.

(v) An order setting aside the decision of the defendant made through its Board of Directors on 18th October, 2002 as it relates to the disposal of the plaintiff's shares in the defendant, as const…

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