A Federal High Court in Lagos has lifted the receivership order previously issued by Justice Dan Osiagor on Edmark Direct Marketing Limited, a company involved in marketing healthy living products.
The appointment of the receiver/manager, Mr Seyi Akinwunmi, has been brought to an end by this decision.
In May 2022, Justice C.J. Aneke appointed Mr Akinwunmi as the receiver/manager of Edmark based on an ex-parte application made by Mr Maurice Etim Anthony, a minority shareholder who claimed ownership of five per cent unpaid shares of Edmark.
Upon receiving the ex-parte orders, Edmark applied for their discharge. In a ruling on October 11, 2022, Justice Aneke directed that the receivership orders be lifted once the parties agreed on the modalities for a bank guarantee covering the five per cent unpaid shares.
The case was later transferred to Justice Osiagor, who heard it on May 2, 2023. With the consent of the parties and their counsel, Justice Osiagor appointed the Anderson group as independent auditors to conduct a forensic audit of Edmark, determining the value of the petitioner’s five per cent unpaid shares. Consequently, the appointment of the receiver/manager was vacated.
During the hearing on July 4, 2023, Mr Ebun-Olu Adegboruwa (SAN), counsel representing Edmark, objected to the appearance of counsel for the receiver/manager, stating that the court had already discharged the receiver/manager.
In response, Mr Alade, counsel for the receiver/manager, argued that the court’s order on May 2, 2023, was directed at a liquidator, not the receiver/manager, even though there was no liquidator appointed for the company.
The court acknowledged the error and clarified that the order made on May 2, 2023, was indeed directed at the receiver/manager, correcting the mention of a liquidator as a minor slip that could be rectified by the court.
As a result, a fresh order was issued for the removal and discharge of the receiver/manager, instructing Mr Seyi Akinwunmi to hand over the offices of Edmark to the court-appointed auditor. This would enable the auditor to access all relevant documents necessary for the forensic audit.
The court adjourned the case to November 13, 2023, to receive the report of the forensic audit.
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