XPLICO INSURANCE COMPANY LTD
V.
OBSIDITION INVESTMENTS LTD & 4 OTHERS

RULING OF THE COURT

In an application brought pursuant to Rule 5(2)(b) of this Court’s Rules, the applicant has prayed that there be a stay of execution of the order made by the High Court (F. Tuiyott, J) on 26^th July, 2019 in H.C Misc. Cause No. 490 of 2019 pending the hearing and determination of the intended appeal.

Briefly, the applicant was incorporated as a private limited liability company on 23^rd October, 2009 pursuant to the repealed Companies Act. The applicant thereafter commenced business as an insurance underwriter and provider. It was the 1^st respondent’s case that by way of share allotments, transfers and transmissions, the applicant issued and paid up capital as at 30^th June, 2014 stood at Kshs. 600,000,000 divided into 240,000 shares of Kshs. 2,500 each.

The 1^st respondent’s grievance was the decision by the 2^nd and 3^rd respondents in their letters dated 6^th February 2014 and March, 2014, respectively and Form CR 12 referenced CPR/2009/12818 of 26^th June, 2014 to alter t…