HB 109-18 RATIONAL INVESTMENTS (PVT) LTD Versus NGQABUTHO NCUBE And Ors

RATIONAL INVESTMENTS (PVT) LTD

 

Versus

 

NGQABUTHO NCUBE

 

And

 

MEJU NCUBE

 

And

 

DAVID NCUBE

 

IN THE HIGH COURT OF ZIMBABWE

TAKUVA J

BULAWAYO 11 NOVEMBER 2017 & 3 MAY 2018

 

Opposed Application

 

B. Masamvu for applicant

I. Mafirakureva for respondents

            TAKUVA J:  The late M. C. Ncube and Pilate Mabhena representing the applicant were shareholders in the applicant in the following ratio 70% of shares were held by Pilate Mabhena while M.C. Ncube held 30%. Upon the death of M.C. Ncube, his estate was registered and the respondents were beneficiaries in that estate.  The 1st respondent was chosen by his family to be a director of the applicant so as to safeguard their interests in the company.  The parties faced some operational difficulties pending the winding up of the Estate Late M.C. Ncube.  It was then agreed to get a new shelf company to run the affairs of the applicant until the estate had been paid up.  A company called Grief Doctor started running the affairs of Falakhe Funeral Parlour [Falakhe].  Prior to this, the applicant was running the affairs of Falakhe Funeral Parlour.

            Subsequently, the parties agreed that respondents be paid US$11 500,00 being Estate M.C. Ncube’s value for 30% shareholding in terms of the first and final distribution account.  The applicant and Estate Late M.C. Ncube (represented by Ester Kelly Moyo of Moshel Executors & Trust (Pvt) Ltd) obtained a court order by consent in the following terms:

 

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2018