The National Investment Company Limited (NICOL) has advised its shareholders not to attend a meeting set to be convened tomorrow.
According to the Company Chairman, the meeting is ‘illegal’ because there is a pending case in the High Court and that it violated procedures for holding shareholders’ meetings.
NICOL chairman Felix Mosha told journalists in Dar es Salaam yesterday that his company didn’t recognise the appointment of an interim Manager because the NICOL Board and Chief Executive Officer had been reinstated by the High Court order.
He explained that in March last year Capital Markets and Securities Authority (CMSA) acted in exercise of powers conferred upon it by suspending the NICOL Board and its CEO, but the decision was challenged in the High Court and both the Board and the CEO were both reinstated.
Mosha further said that in the meantime, pension funds – PSPF, LAPF, PPF and GEPF petitioned in the High Court Commercial Division that the CMSA be given powers to re-oganise NICOL.
He claimed that in February 2012 the High Court misled that NICOL was served with a copy of petition thus proceeded to make a consent order by which CMSA was required to reorganise NICOL.
However, NICOL applied to the trial judge Agnes Bukuku to set aside her consent order on grounds on non service and lack of hearing.
“The application was slotted for hearing on April 2 this year which fell within Easter, therefore was adjourned.
He further said immediately after the adjournment and while awaiting the hearing on April 10, the pension funds appointed an interim Manager of NICOL and scheduled a shareholders’ meeting for April 14 this year.
Mosha called upon the NICOL shareholders to ignore the meeting because it was being convened illegally in terms of the court processes and procedures.