Court Ruling Annulling The sale Of The Daily Times Plc To Folio Communications Ltd
On January 29, 2010, Justice Okechukwu Okeke of a Federal High Court in Ikoyi, Lagos annulled the sale of The Daily Times of Nigeria Plc to Folio Communications Limited.
Highlights of Justice Okeke’s ruling include:
1. That Folio Communications Limited the 3rd Respondent herein did not pay even ONE KOBO for the 140,252,900 shares that is 56% shares allotted to it in The Daily Times of Nigeria Plc.
2. That The Daily Times of Nigeria paid for the 140,252,900 shares that is 56% of its own shares purportedly allotted to FOLIO COMMUNICATIONS LTD (3rd Respondent).
3. That the 140,252,900 shares in The Daily Times of Nigeria Plc purportedly allotted to FOLIO COMMUNICATIONS LTD have reverted to The Daily Times of Nigeria Plc.
4. That FOLIO COMMUNICATIONS LTD is NO LONGER a shareholder of THE DAILY TIMES OF NIGERIA PLC.
5. That the current issued shares of The Daily Times of Nigeria Plc have been reduced to 93,501,936 ordinary shares held by DSV LTD and 9600 ordinary shares held by various shareholders.
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