An Accra Fast Track High Court (Commercial Division), on Thursday ruled that the new board of Donewell Insurance should remain in office and allow the shareholding structure to be functional.
The court presided over by Ms Justice Barbara Ackah-Yensu, advised members of the Board not to take any decisions regarding the shareholding.
Ms Ackah-Yensu also directed the Court Administrator to place the case before a pre-trial judge as early as possible.
The judge refused to grant the relief sought by the former directors of Donewell, who were removed from office for non-performance, to restrain the company from going ahead with the scheduled Annual General Meeting.
The court also failed to grant the former directors their request for the setting aside of the resolutions that were passed by the shareholders to remove them from office at an extra ordinary general meeting on June 10, 2010.
Ms Ackah-Yensu ruled that with leave of the court, an Annual General Meeting and
extra-ordinary general meeting could be called by the new directors or requisitioned by the shareholders until the final determination of the case.
The plaintiffs are Mr T.E. Osam-Duodu, Mrs Naomi Okine, King Tackie-Tawiah III, Ga Mantse, Mr J.S. Addo former Chairman of the Board and Mr Yaw Osafo-Maafo.
The defendants are Donewell Insurance Company Limited, Dr Ato Essuman, Mr Sisi Crentsil, Centre Link Investment Limited, Mr Francis Collins Annan, Mr Richard Stanley Quarshie, Mr Kish Ato Odum, Mr Ben Aryee and Mr A.B. Ankrah.
The plaintiffs have Mr Moses Foh-Amoaning as their counsel whilst Mr Dua Adonteng and Mr Kakra Essamuah are representing the defendants.