IGUH, JSC. (Delivering the Leading Judgment): On the 19th of January, 1987, J Olabode Williams (therein referred to as the petitioner) filed a petition at the Federal High Court, Ibadan against S.H.O. Williams (Junior)and Western Laundry and Co. Limited (therein referred to as the respondents) in which he averred as follows:-
"PETITION BY MINORITY SHAREHOLDERS
The humble petition of J Olabode Williams of 18 Dejo Oyelese Road, Bodija, Ibadan, Oyo State of Nigeria a minority shareholder in Western Laundry and Co. Ltd. shows as follows:
1. That the Western Laundry and Co. Ltd. (hereinafter referred to as "the Company" was in the year 1965 incorporated under the Companies Ordinance, Cap. 37, 1958 (now Companies Decree 1968) as a private Company Limited by shares.
2. That the registered office and place of business of the Company is situate at 343, Ekotedo, Ibadan Oyo State of Nigeria.
3. That the nominal share capital of the Company is ₦20,000.00 divided into 10,000, ordinary shares of ₦2…