A formal settlement has been reached between our Client and a Private Limited Company. By way of background, our Client was both an employee and a Director/shareholder (5%) in the Company. However, due to certain reasons, our Client’s employment was terminated. Despite being a shareholder and Director, our Client was not provided with any information regarding the company’s books of accounts, nor were the other Directors purchasing our Client’s shareholding at the ‘fair market value’, nor allowing our Client to participate in the affairs of the Company.
Nonetheless, JA Legal was engaged to pursue the matter before the Securities and Exchange Commission of Pakistan (‘SECP’) and the High Court of Sindh (Karachi). Considering the strong case on merits, our firm compelled the Company and its Directors to enter into a formal settlement.