Vitafoam, Vono MDs May Go To Jail


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.

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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.

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