June 22, 2017
In February 2017, we reported on the decision of the Superior Court of Justice (Ontario) (the “Court”) in Koh v. Ellipsiz Communications Ltd. (It’s Personal: Board Refusal of a Requisition of a Meeting of Shareholders). In its decision, the Court affirmed a company’s refusal of a requisition for a meeting of shareholders under the Business Corporations Act (Ontario) (the “OBCA”), on the grounds that the requisition was being made to redress a personal grievance (the “Personal Grievance Exception”). The Divisional Court (Ontario) recently overturned the Court’s decision, probably curtailing significantly the ability of companies to thwart future requisitions using the Personal Grievance Exception.
In November 2015, Ellipsiz Communications Ltd. (“ECL”) became a public company following...
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