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Mrs. Maiden Ibru, widow of the late publisher of The Guardian newspaper, Alex Ibru, on Friday lost in her bid to wind up Tourist Company of Nigeria Plc, owners of the prestigious Federal Palace Hotel.
 A Federal High Court in Lagos threw away a suit she filed to that effect.
Mrs. Ibru had by the suit, – a winding up petition, she filed on behalf of one of her late husband’s company – Omamo Investment Corporation, sought to wind up Tourist Company for its alleged inability to settle the debt it owed Omamo Investment.
In his ruling, Justice Mohammed Liman dismissed the petition on the ground that it was initiated without compliance with the provisions of the law.
The judge upheld the argument by lawyer to the Tourist Company,  Onyebuchi Aniakor, to the effect that the Omamo Investment’s letter of demand for the repayment of the loan, dated September last year was not properly endorsed as required under Sections 77 and 409 (a) of the Companies and Allied Matters Act (CAMA).
Justice Liman held that the requirement under Section 409 of CAMA, was that a letter for demand of the repayment of a loan, must be made under the hand of the creditor in the case of an individual, and must carry the seal of the company and endorsed by the appropriate agent stipulated in Section 77 of CAMA in the case of a person.
He held that in this case, the only valid letter of demand exhibited before the court by the petitioner was that dated September 23 last year, which was wrongly endorsed by the petitioner’s lawyer, Dr. Tunji Braithwaite.
The judge further held that Braithwaite, having not fallen into the class of people mention in Section 77 of CAMA, he ought not to have signed the said letter.

-The Nation

Posted by admin on May 19 2012. Filed under Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry