Business News of Tuesday, 3 February 2015
An Accra High Court has adjourned its ruling on the stay of execution application filed by HFC Bank in relation to the organization of an Extra Ordinary General Meeting (EGM) to February 4.
According to the presiding Judge, Justice John Ajet-Nasam, the adjournment is to allow the court rule on an authority [Case] quoted from the Court of Appeal by the Counsel of the applicant HFC.
The authority [Case] quoted by the applicant in court today from the court of Appeal was contested by a friend of the court who is a counsel in the case quoted.
The Court’s attention was therefore drawn to a stay of execution on the authority [Case] being use as reference which was pending ruling at the court of appeal.
The court hearing the stay of execution application filed by HFC Bank in relation to the organization of the EGM, however asked the friend of the court to furnish it with full documentation of the authority [Case] being quoted by the Counsel of the applicant by the close of Tuesday February 3 to enable it rule on the matter.
SSNIT has already filed an affidavit in opposition to the case. This is after the court earlier dismissed an application by two shareholders of HFC Bank seeking to stop the scheduled EGM.
Three directors of HFC Bank are expected to be removed and replacement at the EGM which was formally requested for by the Social Security and National Insurance Trust (SSNIT).