The controversy surrounding the purchase of
Newswatch magazine by Barrister Jimoh Ibrahim has snowballed into legal
hostility as Ibrahim on behalf of Newswatch Communication Limited and his
company Global Media Mirror Limited has dragged the former four directors of
Newswatch, Ray Ekpu, Dan Agbese, Yakubu Mohammed and Soji Akinrinade before a
Federal High Court in Lagos.
In an affidavit sworn to by the
company secretary of Global Media Mirror Limited, Gloria Ukeje, the deponent
alleged that Newswatch Communication Limited became indebted to banks and other
creditors to the tune of about N362,132,764.19. Consequently, it became
impracticable for the company to continue its operation in view of its
indebtedness, hence a need for the restructuring of the company. Therefore,
memorandum of Newswatch Communication Limited containing terms and conditions
was issued by the company for prospective investors, who were willing to take
up the asset and liability of the company.
The deponent further stated: “After
several negotiations, Newswatch Communication Limited was eventually purchased
by Global Media Mirror Limited by virtue of shares purchase agreement. Upon the
purchase of the company, four of its directors -Ray Ekpu, Dan Agbese, Yakubu
Mohammed and Soji Akinrinade voluntarily retired as directors on 20 August,
2012. The company held its Annual General Meeting where the following
resolutions were proposed and approved; the following were appointed into the
board: Barrister Jimoh Ibrahim, Modupe Ibrahim Jimoh, Jegede Emmanuel Akinmolu,
Olayede Toyin and Timothy Afolayan.
“The former four directors also
retired voluntarily from the company. Their retirement benefits were computed
and paid to them accordingly. Ray Ekpu also resigned and his entitlement
was paid like others.”
On Wednesday, 15 August, 2012, a
publication was made by Global Media Mirror Limited stating that the defendants
do not have enough shares put together to be on the board of Newswatch again in
accordance with Companies and Other Allied Matters Act.
On 3 September this year, in a letter
signed by the defendants and published in newspapers, they threatened to
declare a trade dispute if Jimoh Ibrahim failed to reverse all his allegedly
arbitrary and illegal decisions.
In view of this, the plaintiffs are
now urging the court to declare that the defendants having resigned their
directorship and holding not more than 6.3 per cent of the entire holdings of
Newswatch and so they are not qualified to be referred to as employees of the
company.
Jimoh Ibrahim is also urging the
court to restrain the defendants or other persons acting on their behalf from
acting on behalf of the 49 percent share holders of the company.
He is also urging the court to
declare that in view of form CAC 7, the particulars of directors or any change
therein as filed at the Corporate Affairs Commission, CAC on behalf of
Newswatch, the defendants are not directors of the company.
Meanwhile, the former directors,
through their counsel said they needed time to file their reaction to the suit.
The court has ordered the two parties
to maintain the status quo pending the hearing of the substantive suit.
The matter has been adjourned till
October 2012 for further hearing.
Source: PMNews
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