High court judge Musa Sekana has granted Stanbic Holdings permission to hold its Annual General Meeting electronically following the outbreak of the COVID-19 pandemic which led to restriction of physical meetings and gatherings.
“Stanbic Uganda Holdings Limited is granted leave to convene the Annual General Meeting for the year ended December 31, 2019 by electronic means subject to obtaining a prior no-objection from Uganda Securities Exchange and complying with all applicable notices issued under the Uganda Securities Exchange Listing Rules 2003 and the law,” reads the statement.
Oscar Kambona one of the share holders in Stanbic Holdings Limited petitioned court seeking for permission for their company to hold their Annual General Meeting electronically as per the Company’s Articles of Association registered on March 24, 2019.
The Company has approximately 22,500 members both local and foreign but the laws require the Annual General Meetings of the Company to be physically convened with a quorum of at least 7 members entitled to attend physically, which is impossible in the current situation.
The problem in this matter was that the company cannot hold any meeting to direct the affairs of the company since government banned all public meetings in order to combat the spread of Corona virus.
The Companies Act under section 142 states that;
“Where for any reason it is impracticable to call a meeting of a company in any manner, which meetings of that company may be called or conduct the meeting of the company in the manner prescribed by the articles of this Act, the court may out of its own motion or on application of any director of the company or of any member of the company who would be entitled to vote at the meeting, order a meeting of the company be called, held and conducted in the manner the court thinks fit.”