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Riccardo Faneli, Neri Carlo & Line Staff Limited v. Frigieri Graziano

(2017) JELR 94178 (CA)

Court of Appeal  •  Civil Appeal 22 of 2016  •  21 Sep 2017  •  Kenya

Coram
Alnashir Ramazanali Magan Visram, Martha Karambu Koome, Wanjiru Karanja

Judgement

JUDGMENT OF THE COURT

[1] The dispute in this appeal revolved around a determination of the shares owned by Frigieri Graziano (respondent) and whether his removal as managing director in a company known as Line Staff Limited (3rd respondent), hereinafter referred to as company, was valid. Some of the undisputed facts are; the company was incorporated on or about 15th May, 2007 as a private company with Granziano, Alessandro and Zeinab Mohamed Yunis as shareholders holding 400, 400 and 200 shares respectively. On 26th April, 2009, the company purchased land described as a portion of Land Reference No 10794/106 with an intention of developing real estate houses for sale. In May, 2017 Alessandro resigned from the company transferring his shares to Granziano. Immediately thereafter the company purchased land and obtained the requisite approvals and consents for development of a housing estate comprising of 10 villas. The two directors floated some of their shares for sale. The respondent t…

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