The Federal High Court, Lagos, has vacated the receivership of Edmark Direct Marketing Limited, a healthy living products marketing company.
Justice Dan Osiagor made the order on May 2, 2023, and re-affirmed it on July 4, 2023, thus ending the controversial appointment of the receiver/manager, Mr. Seyi Akinwunmi.
In May 2022, Justice C.J. Aneke appointed Mr. Akinwunmi as receiver/manager of Edmark upon the ex-parte application of its minority shareholder, Mr. Maurice Etim Anthony, who is laying claim to 5 per cent unpaid shares of Edmark.
Upon being served with the said ex-parte orders, Edmark applied to discharge them.
In a ruling delivered on October 11, 2022, Justice Aneke directed that the receivership orders be lifted upon parties agreeing on the modalities for a bank guarantee of the 5 per cent unpaid shares of the petitioner.
The matter was eventually transferred to Justice Osiagor, wherein it was heard on May 2, 2023.
Upon the consent of the parties and their counsel, Justice Osiagor appointed the Anderson group as independent auditors to conduct a forensic audit of Edmark in order to determine the value of the 5 per cent unpaid shares of the petitioner.
The court vacated the appointment of the receiver/manager. When the case came up for hearing on July 4, 2023, counsel representing Edmark, Mr. Ebun-Olu Adegboruwa, SAN, objected to the appearance of the counsel for the receiver/manager on the ground that the court had already discharged the receiver/manager. Counsel representing the receiver/manager, Mr. Alade contended that the order of court of May 2, 2023 was directed to a liquidator and not the receiver/manager, even though there is no liquidator for the company.
The Court then corrected its records and stated that the order made on May 2, 2023 was directed to the receiver/manager and that the mention of the liquidator was a minor slip that the court has the power to correct.
Consequent to this, the court made a fresh order that the receiver/manager be removed and discharged.
The court further directed the receiver/manager, Mr. Seyi Akinwunmi to hand over the offices of Edmark to the court-appointed auditor in order to gain access to all relevant documents that may be required for the forensic audit.
The case was then adjourned to November 13, 2023, for the court to receive the report of the forensic audit.