Guardian Express Bank Plc v. Odukwu & Anor

The respondent/plaintiff, Benedict Okwueze Odukwu(a shareholder of the defendant bank) at the Federal High Court Lagos division filed a suit by way of originating summons against the appellant\defendant, Guardian Express Bank and the Corporate Affairs Commission for a declaration that the defendant bank cannot call or hold any statutory meeting after the expiration of six months from the date of its incorporation, an injunction restraining the defendant bank from calling or holding any statutory meeting until it has prepared and circulated a statutory report containing the particulars specified under section 211 of the Company and Allied Matters Act 1990,an injunction restraining the Corporate Affairs Commission from registering the document titled ‘statutory report issued by the defendant bank to the plaintiff\respondent and other shareholders of the bank and finally an order directing the Corporate Affairs Commission to appoint an independent auditor to prepare the defendant’s bank statutory report and to call and supervise the defendant’s bank statutory meeting in lieu of proceedings for an order of winding up.

2007 4 CLRN 84
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