Court maintains hold on TCL AGM

Published: Friday | December 13, 2013 Comments 0
Dr Rollin Bertrand, CEO of Trinidad Cement Limited. - File
Dr Rollin Bertrand, CEO of Trinidad Cement Limited. - File

Trinidad Cement Limited (TCL) says it has lost its appeal against an injunction that has barred the company from holding its annual general meeting that was originally scheduled for July 2012.

The court upheld the injunction granted to minority owners of the company, led by Wilnet Holdings Limited, on November 20. A case management conference was held on December 2, and the parties return to the court on January 20 for directions, said TCL in a market filing this week.

The group of minority shareholders, who are upset about a debt refinancing deal sealed with major creditors, wants the court to force TCL to consider five candidates proposed for board seats.

TCL had rejected the proposal on the basis that there was insufficient time to put the candidates through fit-and-proper tests in time for the annual meeting.

business@gleanerjm.com

 

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