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Supreme Court bars Unipet board from holding extraordinary meeting

Published:Thursday | September 18, 2014 | 9:29 AM

United Petroleum Jamaica Limited (Unipet) has been barred by a Supreme Court order from holding its extraordinary general meeting today following an application made by two of its directors.

Evert Palmer and Hopeton Nembhard applied for an order to stop the meeting following a dispute between them and the directors of Hagley Park Holdings Limited, which is the major shareholder in Unipet.

It is being contended that Hagley Park Holdings wants to remove Palmer and Nembhard from the board and have requisitioned the board of Unipet to call an extraordinary general meeting.

Palmer and Nembhard have objected to the move claiming that the requisition contains false material.

In court documents, they say they applied for an ex parte injunction to prevent shareholders from being unfairly prejudiced without hearing their side.

Justice Lloyd Hibbert granted a 28-day injunction after hearing submissions from attorney-at-law Huntley Watson.

Watson said the time granted by the judge will give the applicants sufficient time to circulate their side to the shareholders.

The applicants claim they are being forced out because of an investigation they had conducted.

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