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Supreme Court dismisses suit challenging Dannex Ayrton Starwin merger

Chris by Chris
29 April 2020
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Supreme Court dismisses suit challenging Dannex Ayrton Starwin merger
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The Supreme Court has unanimously dismissed an application to quash an order of the High Court, which confirmed the merger of Dannex Limited, Ayrton Drug Manufacturing Limited and Starwin Products Limited.

In November last year, the High Court in Accra granted an Order confirming the merger of the aforementioned companies to form Dannex Ayrton Starwin Plc (DAS Pharma), a public company listed on the Ghana Stock Exchange.

However, the Confirmation Order was challenged both at the High Court and at the Supreme Court.

The confirmation order was challenged for several reasons including the fact of an appeal pending at the Court of Appeal.

The appeal was seeking to have the rights issue conducted by Starwin Products Limited in 2013 declared null and void.

It will be recalled that it was by the said rights issue that Dannex Limited became a majority shareholder of Starwin Products Limited paving the way for the merger.

The action at the High Court and subsequently the Supreme Court was mounted by a number of shareholders including Mirfield Properties Limited, Dr. Albert G Boohene, Enviro Solutions Limited, James Akpaloo and Samuel Kwasi Adjei.

However, by a unanimous decision of the Supreme Court, the Application for Certiorari was dismissed outright.

In previous proceedings, the Court of Appeal, on 13th March 2020, and by a unanimous decision dismissed appeals filed by Dr. Albert G. Boohene and Mirfield Properties Limited challenging the rights issue conducted by Starwin Products Limited in 2013.

The two judgments, therefore, preserve both the rights issue of Starwin Products Limited as well as the subsequent merger between Dannex Limited, Ayrton Drug Manufacturing Limited and Starwin Products Limited.

Source: citinewsroom.com | Ghana
Tags: Ayrton PharmaceuticalsDannex Ayrtonmedicine
Chris

Chris

About us: To Bring to you, Engage and Empower our Readers We are truth-seekers and storytellers. We are journalists, writers and finders, united by a mission to inform, engage and empower our readers. We bear witness to history as it unfolds and explains not just what happened, but why, and what it means to you. Our stories take you to the farthest corners of the nation, and we bring you news from around nation to you, delivering content and services that inform and enrich your lives, your families and your communities. We are available on various social media handles. We stand for excellence in our stories. We are committed to serving you. We are...... Tel: 0206386139 Watsup: 0206386139 Email: extranewsgh@gmail.com Website: www.extranewsgh.com

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