2nd December, 2010
Bank PHB has commenced committal to prison proceeding against Vital Foam Nigeria PlcÂ and the newly appointed managing director of Vono Products Plc, Mr. Titilola Bakare,Â for allegedly flouting the order made by the Federal High Court in Lagos.
The court in an order made on 29 October, 2010, ordered that the purportedÂ appointment of Mrs. Titilola Bakare as the managing director of Vono Products shouldÂ be suspended while the acquisition of shares or interest in Vono should also beÂ suspended pending the determination of winding up petition filed before the courtÂ against the company by Bank PHB Plc.
However, in an affidavit sworn to by a legal practitioner, Mr. Friday Okike, inÂ support of notice to show cause why order of committer to prison should not be madeÂ against both Vitafoam and Mrs. Titilola Bakare, the deponent averred that on 1Â November, 2010, the petitioner issued a notice of consequences of disobedience toÂ courtâ€™s order against the managing director of Vitafoam Nigeria Plc, Oba AkranÂ Avenue, Ikeja, Lagos.
On the same day, when the bailiff of the court went to serve Vitafoam, the serviceÂ was turned down by the management of the company after perusing the said noticeÂ (Form 48).
Consequently, Vitafoam Nigeria Plc had continued with its purported management ofÂ the Vono, despite the existence of the order of the court made in the suit and theÂ pendency of the petition, while it had only filed an application for the dischargeÂ of the said order.
Nevertheless, Vitafoam Nigeria Plc had continued to flaunt the order of the courtÂ despite being aware of same as Mrs. Titilola Bakare is still the managing directorÂ of Vono in spite of the courtâ€™s order.
The management of Vitafoam has also continued to deal with Mrs. Bakare as theÂ managing director of the company.
Consequently, Mr. Okike averred that disobedience of the order is contemptuous toÂ the integrity of the court, thereby undermining due administration of justice.
Therefore, he averred further that it was in the interest of justice and inÂ accordance with the law that an order for committal to prison of the managingÂ director of Vitafoam and the managing director of Vono Products be made by theÂ court.
Early this year, Bank PHB had filed a winding up petition against Vono Products PlcÂ on the ground that the company is insolvent and unable to pay its debt of N54Â million and therefore prayed the court that Vono Products with registration numberÂ 2346, be wound up by the order of the court in accordance with the provision ofÂ Sections 409 (1) and 410 (1) of Companies and Allied Matters Act.