Applicant seeks the removal of First Respondent as Director of the Company in terms of S71(8) of the Companies Act 71 of 2008 (“the Act”), alleging that First Respondent has been neglectful or derelict in the performance of his duties as a Director, as per S71(3)(b) of the Act. Applicant contends that, as a consequence thereof, the Company has been, and continues to be, exposed to operational and financial risks.
The following grounds are advanced for the relief sought:
• Abdication of First Respondent’s functions as Financial Director;
• Mismanagement of the Company’s finances; and
• Failure on the part of First Respondent to perform the functions of a director.