Tells Ram to return shares of nine companies he held as debt security
Ram has been claiming the companies owed him
Ram held the shares in his name although they were meant for Choppies
The Lobatse High Court has directed Ramachandran Ottapathu, better known as Ram, to return 50 percent of the shares he received from nine companies on behalf of Choppies in 2015, The Business Weekly & Review has established. Ram had received the shareholding in each of the companies Sharpview, Lesney, Hesburger, Shinestar Lane, Hypetie, City Lab, Silverlight, and Tiger Square as security for the companies and its shareholders’ indebtedness to him.
The court ruled in favour of Mahomed Malique, Sujeewa Jayalathge, Cornelis Kok, Anthony Pillai, Modiyaselagae and ordered Ram to pay costs of the case.
The plaintiffs had instituted an action against Ram and Choppies Distribution Centre as first and second defendant respectively for the re-transfer of shares in various companies owned by the plaintiffs which