Former Molapo director loses shareholding dispute

AJit Singh Ahuja, a businessman who has several companies of his own, had filed an appeal against a High Court judgement in which it dismissed his claim for the entry of his name into the share register of Busy Five Enterprises. Busy Five Enterprises is owned by Luc Hubert Paul Vandecasteele, who is a property developer and an estate agent.

He had also appealed to be issued with the requisite share certificate, and for the consequent relief, including an accounting for any dividends declared. According to the evidence brought before the Court of Appeal, Ahuja and Busy Five Enterprises’ owner, Vandecasteele had entered into an agreement in September 2000 in which Ahuja was to buy a three percent stake in the shopping complex development by acquiring 90 shares in Busy Five Enterprises for P168,000.