The appellate jurisdiction of the High Court has been invoked in the two appeals to determine the correctness of the decision of the Administrative Hearing Committee (AHC) under the Securities Industry Act, Act 333 whose decision was approved by the Securities and Exchange Commission (Commission); in respect of renounceable rights offering or rights issue by Starwin Products Ltd (SPL). Based on the rights offering Dannex Ltd. became the new majority shareholder with 75% shares in SPL. Following the approval of the decision by the Commission two separate appeals were launched before the High Court. The first appeal which was initially before the Financial Division of the High Court was by four directors of SPL against I. C. Securities, the transaction advisers and Dannex Ltd. who will be directly affected by this decision.
The second appeal by the appellant in suit number ACC/16/2015, who until the rights offering was the majority shareholder was launched before the Commercial division.
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