Decision made on share deal

The National National

NATIONAL Court Judge Thomas Anis delivered a decision on behalf of Justice Derek Hartshorn on a case involving the construction and interpretation of a sale share agreement between Wehai Lin (plaintiff) and Baosen International Holdings Ltd (defendant) on Friday.
Justice Anis in presiding the case ordered that:

  • The share sale agreement by the parties on April 21, 2017, was terminated;
  • The first payment made by Baosen International was forfeited to Lin;
  • Remove the name of the defendant as the registered holder of 381,776 shares in the company and restore the name of the plaintiff as the registered holder of the shares pursuant to section 71 of the Companies Act; and,
  • The defendant shall pay the plaintiff’s cost of the proceeding.