SC 12-13 - CHIDAWU & OTHERS v SHA & OTHERS

  1. OLIVER MANDISHONA CHIDAWU (2) BROADWAY INVESTMENTS (PVT) LTD (3) DANOCT INVESTMENTS (PTY) LTD (4) DANNOV INVESTMENTS (PTY) LTD

v

(1) JAYESH SHA (2) TN ASSET MANAGEMENT (PVT) LTD (3) ISB SECURITIES (PVT) LTD (4) ZIMBABWE STOCK EXCHANGE (5) CONSERVE (PVT) LTD

 

SUPREME COURT OF ZIMBABWE

MALABA DCJ, GOWORA JA & OMERJEE AJA

HARARE, JUNE 19, 2012 & MARCH 18, 2013

 

M Magwaliba with D Ochieng, for the appellants

L Uriri, for the first respondent

T Mpofu, for the second and third respondents

T Tandi, for the forth respondent

No appearance for the fifth respondent

                       

GOWORA JA: This is an appeal against the judgment of the High Court dismissing urgent application made by the appellants.  The first appellant, (hereinafter referred to as) Chidawu, is the beneficial holder of all the shares in the rest of the appellants, (hereinafter referred to as the appellant companies).  In turn, the appellant companies owned cumulatively in excess of 380 million shares in Pelhams Limited. On 9 February 2011, Chidawu borrowed an amount of USD3 million from the first respondent, (hereinafter referred to as Shah).  The terms and conditions attaching to the loan were recorded in two written documents signed by the parties on 9 and 10 February 2011 respectively.  The second document, referred to by the parties as Annexure “B” provided in clause 2.1 that in the event of any inconsistencies in any of the provisions of the two documents, its provisions would prevail.

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