RULING OF THE COURT
1. There are two appeals that arose from the Ruling of Ogola, J. in High Court Miscellaneous Civil Application No. 294 of 2010 that was delivered on 30th May, 2013. The appeals are No. 158 of 2013, Ajay Shah v. Deposit
Protection Fund Board (as Liquidator of Trust Bank Limited) and Praful Shah, and the other one is No. 174 of 2013, Praful Shah v. Deposit Protection Fund (as Liquidator of Trust Bank Limited) and Ajay Shah.
2. In the High Court matter that gave rise to the two appeals, Deposit Protection Fund Board (DPFB) had filed an application against Ajay Shah and Praful Shah seeking the following orders:
“(1) A declaration that the Respondents Ajay Shah and Praful Shah who acted as Executive Directors of Trust Bank Limited (In Liquidation) were knowingly parties to the carrying on of business of Trust Bank Ltd (In Liquidation) with intent to defraud creditors of the company and for a fraudulent purpose.
(2) A declaration that Respondents Ajay Shah and Praful Shah who…