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Sheraton forces over 200 shareholders to hold EGM outside

Published by Daily Times on Wed, 07 Jan 2015

by Emmanuel OgbonnayaShareholders of Ikeja Hotels Plc, were yesterday morning January 6, forced to hold their Extraordinary General Meeting AGM outside the hotels premises as the gates were shut against them despite paying N500,000 for a hall space in the hotel.The shareholders were shocked on arrival at Sheraton hotel Ikeja, venue of the EGM, to find a banner displaying a court injunction from an Abujahigh court barring them from holding the EGM, prominently displayed on the gates of the hotel and security personnel on orders preventing them from entering the premises.Daily Times gathered that the shareholders decided to call for an EGM to address gross irregularities by the management and Board of Ikeja Hotel Plc, which includes, Sheraton Lagos, Sheraton, Abuja, Federal Palace Hotel and Airport Hotel both in Lagos.It was gathered that the aggrieved shareholders obtained a court injunction giving them the authorisation to hold the EGM, which obviously did not sit well with the management, who then sought to vacate the initial court injunction by going to the Abuja high court.However according to the interpretation given by a legal practitioner, Barrister Olumide Braithwaite, the court injunction issued by the Abuja high court was invalid based on the premise that the injunction it sought to vacate was issued by a parallel and not a lower court.Only a higher court has the jurisdiction to vacate an injunctionand in this case it can only come from the appeal or supreme courts and not the high court from another city, because the injunction we have was obtained from a Lagos high court, he said.Daily Times gathered from some of the shareholders that the conglomerate has not been forthcoming with the true picture of their investments as they alluded that no AGM has been called by the management for the past 10 years.The over 200 aggrieved shareholders felt that the EGM was necessary for them to address some of the perceived internal leakages, misappropriation and even pilfering which may be responsible for an assumed profitable business concern like the Ikeja Hotels Plc not able to make good returns to its investors.Daily Times also gathered that the Bank of Industry BoI, sent a high powered delegation for representation to the venue, as the bank had some very significant stakes in the entity.
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