BUSINESSMEN brothers Toolsie and David Persaud are in a court battle over shares in Toolsie Persaud Limited (TPL).
In the Commercial Court, before Justice Rishi Persaud, David is claiming 33.3 per cent of the 10,000,000 issued shares and is asking for
* an order directing Toolsie and/or the second named defendant Toolsie Persaud Limited to purchase his shares in the capital of the company at a price to be fixed by such a valuer as may, within 14 days, be agreed upon by the first defendant and/or the second defendant and the plaintiff or, failing such agreement, as may be appointed by the court herein and that valuer be directed to value the plaintiff’s shares by reference to the assets, profitability and future prospects of the second named defendant company as at such dates as the court thinks fair and reasonable;
* alternatively, an order that the second defendant, Toolsie Persaud Limited be wound up, subject to such as the court may see fit, pursuant to the provisions of the Companies Act, Number 29/1991 and
* an interim order restraining the sale or other disposition or changing, in any manner or form, of the shares of the first defendant, the immovable and other special assets of the second defendant, Toolsie Peraud Limited, until the hearing and determination of this matter, or until a further order of the court
David stated, in his supporting affidavit, that he is the complainant in the matter and a minority shareholder in Toolsie Persaud Limited, which was incorporated in 1959 as a private company with himself and his brother Toolsie as the two active incorporators.
The plaintiff said, when the company was formed, it was understood, between him and his brother, that both of them would be shareholders and members of its Board of Directors and be involved in and share the general management of its business.
David added: “From the outset, Toolsie Persaud has been the Chairman of the Company and I have been the Managing Director and we have shared in the day to day and macro management of the company, in accordance with our said understanding.
“Under our management, the company acquired forest concessions and also engaged in logging. We sold lumber, both locally and for export. The company also entered into the business of quarry operations in the mid 1960s and installed a crushing plant at St. Mary’s, Essequibo. During the 1960s, the business of the company expanded to include the establishment of hardware stores in Georgetown and Providence and stone sale depots in Essequibo and Berbice.
“I was, during that time, the Managing Director until October 29, 2009 and Secretary of the Company until 2010 and have now been removed from both positions.”
On the resumption of the hearing on April 6, Toolsie Persaud is expected to submit his affidavit in answer.