10/12/2015
START DATE
END DATE
22-Mar-16
Uprise Corporation Limited Wise Spirit International Limited Taishan Capital Management Limited vs. Mingyuan Medicare Development Company Limited Greater Achieve Limited Get Nice Limited & Ors
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
Corporate Law, Shareholder Rights, Judicial Review
Hon. Chief Justice Ian Kawaley
Mr. Delroy Duncan & Ms. Lauren Sadler-Best (Trott & Duncan)
Mr. Christian Luthi & Mr. Rhys Williams (Conyers Dill & Pearman)
FACTS OF THE CASE:
Uprise Corporation Ltd., Wise Spirit International Ltd., and Taishan Capital Management Ltd. sought a court order compelling Mingyuan Medicare Development Company Ltd. to convene its Annual General Meeting (AGM), which had been delayed since June 2014. The applicants, minority shareholders, argued that the delay violated the Companies Act 1981 and the company's bylaws. Mingyuan, whose chairman was a registered ?dishonest person? in China, had also been accused of financial mismanagement, including missing funds and the resignation of auditors. The applicants requested the court?s intervention to enable the shareholders to vote on new board appointments and governance reforms.
SUMMARY:
(1) Did the company violate the Companies Act by failing to convene an AGM? (2) Should the court intervene to protect shareholder rights? (3) Were the proposed shareholder resolutions valid?
OUTCOMES:
Court granted order compelling the AGM; directed company to include proposed resolutions from shareholders; company ordered to pay costs.
RULED IN FAVOUR OF:
Uprise Corporation Ltd. et al. (Plaintiffs).
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
Join our pro membership and get all the details at your finger tips
Want to see full case details, including key arguments and claims? [Join Pro Membership] to unlock exclusive insights.
Discover the legal strategies and defenses used in this case. [Join Pro Membership] for full access.
How long did this legal battle last, and what key events happened? [Join Pro Membership] to find out.
Uncover the critical legal principles debated in this case. [Join Pro Membership] for in-depth analysis.
See why this case matters in Banking, Mortgages, and Financial Services. [Join Pro Membership] to explore its impact.
Find out the final judgment and its legal implications. [Join Pro Membership] to access the ruling.
Understand how this judicial ruling sets a precedent in law. [Join Pro Membership] for expert breakdowns.
See how past legal precedents influenced this case. [Join Pro Membership] to unlock the list.
Download Case Summary:
Explore:
EPHESIANS 6:16
PT Satria Tirtatama Energindo v. East Asia Company Limited and Bali Energy Limited
2016
RE: C (VARIATION OF ACCESS ORDER)
2015
In the Matter of IPOC Capital Partners Limited and others
2007
Hindsight law can make mistakes. Consider checking original case studies
Uprise Corporation Limited Wise Spirit International Limited Taishan Capital Management Limited vs. Mingyuan Medicare Development Company Limited Greater Achieve Limited Get Nice Limited & Ors
Uprise Corporation Ltd., Wise Spirit International Ltd., and Taishan Capital Management Ltd. sought a court order compelling Mingyuan Medicare Development Company Ltd. to convene its Annual General Meeting (AGM), which had been delayed since June 2014. The applicants, minority shareholders, argued that the delay violated the Companies Act 1981 and the company's bylaws. Mingyuan, whose chairman was a registered ?dishonest person? in China, had also been accused of financial mismanagement, including missing funds and the resignation of auditors. The applicants requested the court?s intervention to enable the shareholders to vote on new board appointments and governance reforms.