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Posted on 9 Jul 2020
Case number: CT00356ADJ/2020
Case type: Annual general meeting
Decisions Status: Granted

This is an application for an extension of time to convene an annual general meeting of shareholders in terms of section 61(7)(b) of the Companies Act 71 of 2008 – section 61(7)(b) requires an applicant to show “good cause” to be granted relief – applicant’s grounds for extension primarily concern the fact that its holding company is under supervision due to on-going business rescue proceedings and there is uncertainty regarding the applicant’s ability to proceed as a going concern – no sufficient details as to how these issues (in the form of grounds for relief) directly affect the convening of the applicant’s annual general meeting – extension granted until 30 September 2020, mainly on considerations of the business interruption from measures imposed to combat the COVID-19 pandemic – applicant required to address specific issues (mainly derived from section 61(8) Companies Act) in future similar applications.

Decisions and Orders

Date of Decision: 1 Jul 2020

Decisions Status: Granted

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