Justice Sandil Kissoon has issued an injunction barring Banks DIH from implementing a 15% cap on shareholder voting power, along with several related injunctions, as the conglomerate prepares for its Annual General Meeting (AGM) scheduled for this Saturday.
The court action was initiated by Guyana Americas Merchant Bank Inc. and Beharry Stockbrokers Limited, seeking to restrain Banks DIH from passing specific proposed resolutions at the AGM.
In his ruling, Justice Kissoon instructed Banks DIH not to present, table, or allow any vote on resolutions intended to confirm or adopt “New By-Law 8 Share Ownership.” He also suspended the operation and legal effect of this by-law, including any purported effects arising from the Directors’ resolutions dated November 20 of the previous year.
The judge further ordered that the company must not invalidate, disregard, or refuse to count votes lawfully attached to issued ordinary shares based on any alleged 15% ownership or voting limitation, pending a final determination of the proceedings.
Additionally, the company is prevented from issuing or enforcing any notices, demands, or divestment requests authorized by New By-Law 8, as well as from any actions relating to beneficial ownership or aggregation of holdings.
The court has also stated that Banks DIH must not overstep the powers of the Guyana Security Council, including the authority to impose and enforce ownership voting limits.
These injunctions will remain in effect until a hearing and determination of the substantial matters raised in the case.
