FILE DU TOIT HOLDINGS’ SHAREHOLDING REPORT, REGISTRAR ORDERED
MBABANE – The High Court has ordered the registrar of companies to file a report detailing changes in the directorship and shareholding of Du Toit Holdings (Pty) Ltd since 2018. The matter before court involved Manual George Matsimbe, M Power Investments (Pty) Ltd and Du Toit Holdings (Pty) Ltd. The case revolved around the shareholding and directorship of Du Toit Holdings (Pty) Ltd, with the applicants, Matsimbe and M Power Investments, seeking various court orders to reinstate their control and rectify the company’s records.
The respondents included Michelle Zwane, Craig Scott Du Toit and the registrar of companies, among others. Matsimbe and Zwane were formerly in a romantic relationship that resulted in the incorporation of M Power Investments. Matsimbe claimed he was the sole financier of the company and that Zwane’s shares were held in a nominal capacity. However, Zwane contended that she made both financial and intellectual contributions to the business.
Dispute
The dispute intensified when M Power Investments acquired a majority stake in Du Toit Holdings in 2018. Subsequent corporate filings and share transfers led to legal uncertainty regarding the rightful ownership and directorship of the company. Judge Zonke Magagula found several irregularities in the corporate filings, including the appointment of Craig Scott Du Toit as a director without valid shareholder approval. Additionally, the court ruled that certain share transfers were invalid as the individuals involved lacked the authority to execute them.
In its judgment, the court ordered the registrar of companies to file a report detailing changes in the directorship and shareholding of Du Toit Holdings since 2018. Furthermore, the court directed that the company’s records be corrected to reflect Matsimbe and Zwane as directors and M Power Investments as the sole shareholder of Du Toit Holdings. Additionally, the court ruled that costs be awarded against Zwane on an ordinary scale. The applicants were represented by Kenneth Simelane, while Cyril Mamba appeared for the respondents.
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