Claim No: 020/2009
THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE
IN THE COURT OF FIRST INSTANCE
|NBD SANA CAPITAL MGMT SHAREHOLDING CO
(1) NBD SANA CAPITAL GP
(2) SURESH KUMAR
ORDER OF JUSTICE SIR ANTHONY COLMAN
MADE ON 18 OCTOBER 2009
UPON THE APPLICATION of the NBD Sana Capital Mgmt Shareholding Co (“the Applicant”)
AND UPON HEARING Counsel for the Applicant and Counsel for the Respondents
AND UPON the Applicant and Mr Mir, a director of the Applicant, giving the following undertakings to the Court:
1. To execute a written resolution of the board of directors of the First Respondent convening an extraordinary meeting of the shareholders of the First Respondent on 26 October 2009, to be held at a neutral venue to be agreed, to consider and, if thought fit, pass any resolution which any shareholder may propose at that meeting, with the intention of facilitating the resolution of the current disagreements between the shareholders of the First Respondent;
2. To attend and to participate fully in the said meeting of the shareholders of the First Respondent;
3. To attend and to participate fully in a meeting of the board of directors of the First Respondent to be held immediately following the said shareholders meeting, at a neutral venue to be agreed, to consider and, if thought fit, pass resolutions relating to the current position regarding the Limited Partners in respect of the Fund;
4. Not to object to the attendance at the said meeting of the shareholders of the First Respondent and the said meeting of the board of directors of the First Respondent of a representative of Maples & Calder; and
5. To waive any notice requirements for the meeting of the shareholders to be held pursuant to (1) above and for the meeting of the directors to be held pursuant to (3) above.
AND UPON the Respondents undertaking to the Court that pending final hearing of the claim (including the determination in relation to the jurisdiction of the Court), the Respondents will not seek to rely on the proceedings of the meeting of the board of directors of the First Respondent held on 27 August 2009 as the basis of returning funds to the Limited Partners of Sana Capital Fund.
AND IT IS ORDERED THAT:
1. The application be dismissed.
2. Unless the parties settle all the matters in issue between them, the following directions shall apply:
(a) All issues as to jurisdiction will be heard by Justice Sir Anthony Colman not before 11.30am on 16 December 2009, estimated to last one day, and for the purpose of that hearing:-
(b) The Claimant will serve any additional factual evidence upon which it relies by 4pm on 8 November 2009;
(c) The Respondents will serve any additional factual evidence upon which they rely by 4pm on 22 November 2009;
(d) The Respondents will file their skeleton argument by 4pm on 1 December 2009;
(e) The Claimant will file their skeleton argument by 4pm on 9 December 2009.
Date of Issue: 20 October 2009