2nd December, 2010
Bank PHB has commenced committal to prison proceeding against Vital Foam Nigeria Plc and the newly appointed managing director of Vono Products Plc, Mr. Titilola Bakare, 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 purported appointment of Mrs. Titilola Bakare as the managing director of Vono Products should be suspended while the acquisition of shares or interest in Vono should also be suspended pending the determination of winding up petition filed before the court against the company by Bank PHB Plc.
However, in an affidavit sworn to by a legal practitioner, Mr. Friday Okike, in support of notice to show cause why order of committer to prison should not be made against both Vitafoam and Mrs. Titilola Bakare, the deponent averred that on 1 November, 2010, the petitioner issued a notice of consequences of disobedience to court’s order against the managing director of Vitafoam Nigeria Plc, Oba Akran Avenue, Ikeja, Lagos.
On the same day, when the bailiff of the court went to serve Vitafoam, the service was turned down by the management of the company after perusing the said notice (Form 48).
Consequently, Vitafoam Nigeria Plc had continued with its purported management of the Vono, despite the existence of the order of the court made in the suit and the pendency of the petition, while it had only filed an application for the discharge of the said order.
Nevertheless, Vitafoam Nigeria Plc had continued to flaunt the order of the court despite being aware of same as Mrs. Titilola Bakare is still the managing director of Vono in spite of the court’s order.
The management of Vitafoam has also continued to deal with Mrs. Bakare as the managing director of the company.
Consequently, Mr. Okike averred that disobedience of the order is contemptuous to the integrity of the court, thereby undermining due administration of justice.
Therefore, he averred further that it was in the interest of justice and in accordance with the law that an order for committal to prison of the managing director of Vitafoam and the managing director of Vono Products be made by the court.
Early this year, Bank PHB had filed a winding up petition against Vono Products Plc on the ground that the company is insolvent and unable to pay its debt of N54 million and therefore prayed the court that Vono Products with registration number 2346, be wound up by the order of the court in accordance with the provision of Sections 409 (1) and 410 (1) of Companies and Allied Matters Act.
