Business News: Oando, SEC saga: Court docket adjourns hearing unless June 24 – The Punch

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Business News: Oando, SEC saga: Court docket adjourns hearing unless June 24 – The Punch

’Femi Asu The Federal High Court sitting in Lagos has adjourned the hearing till June 24 in the case between Oando Plc’s Group Chief Executive Officer

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Business News:

’Femi Asu
The Federal High Court docket sitting in Lagos has adjourned the hearing unless June 24 within the case between Oando Plc’s Team Chief Executive Officer, Mr Adewale Tinubu, and Deputy GCEO, Mr Omamofe Boyo, and the Securities and Swap Rate.
Oando, in a undercover agent filed with the Nigerian Stock Swap on Friday, talked about the court directed that the respondents’ preliminary objection and the substantive utility for enforcement of predominant rights desires to be taken collectively at the next adjourned date.
“This potential that, the court adjourned to 24th June 2019.  The court dominated that each and every one parties eager are to non-public the self-discipline quo pending the dedication of the motion,” it added.
On Can also 31, SEC ordered Oando’s GCEO and diverse affected board members to resign. However the firm straight spoke back, announcing the alleged infractions and penalties were unsubstantiated, extremely vires, invalid and calculated to prejudice the enterprise of the firm.
The oil firm talked about it had no longer been given the different to undercover agent, overview and respond to the forensic audit document and so become unable to study what findings (if any) were made when it comes to the alleged infractions and defend itself accordingly sooner than SEC.
The apex capital market regulator offered on June 2 that it had self-discipline up an intervening time management crew to oversee the affairs of the firm and conduct an unparalleled overall assembly on or sooner than July 1, 2019, to appoint silent administrators who would subsequently opt a management crew for the firm.
Nonetheless, the Federal High Court docket sitting in Lagos granted an intervening time injunction on June 3 following an utility by Oando’s GCEO and his deputy, restraining SEC from executing the sanctions.
In a ruling by Justice Mojisola Olatoregun, the Federal High Court docket barred SEC from giving build to the resolution pending the dedication of a swimsuit filed by Tinubu and Boyo.
Justice Olatoregun ordered the parties to non-public self-discipline quo and adjourned unless June 14, 2019, for further court cases.

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