Great Lakes Energy Company N. V v Mss Xsabo Power Limited (Company Petition 5 of 2020)
Great Lakes Energy Company N. V v Mss Xsabo Power Limited (Company Petition 5 of 2020) [2024] UGRSB 20 (1 November 2024)
The Registrar found that the Applicant was allotted 96 fully paid-up shares in the Respondent company, as evidenced by company resolutions, a return of allotment signed by the Respondent's director, a share certificate, and annual returns indicating full payment. The Registrar rejected the Respondent's claim that the shares were unpaid and that the return of allotment was improperly filed, finding no credible evidence to support these assertions. The Registrar held that forfeiture or cancellation of fully paid-up shares is not permitted under Ugandan company law, and that the Respondent's act…
Source excerpt
- Rectification Of Register
- Share Allotment
- Company Share Forfeiture
- Corporate Governance
- Company Returns
- Share Capital Reduction