7th December, 2010
These are not the best of times for Vono Product Plc. On one hand, Bank PHB isÂ presently pursuing a wind-up petition against it over its N54million indebtedness.Â On the other, Vitafoam has concluded the purchase of Vono’s majority shares.
The question begging for an answer is who really is now in control of Vono ProductÂ Pls, one of Nigerians prestigious company.
Bank PHB, in a bid to consolidate its hold on the company, has commenced committalÂ to prison proceeding against Vital Foam Nigeria Plc and the newly appointed ManagingÂ Director of Vono Products Plc, Mrs. Titilola Bakare, for allegedly flouting theÂ 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 Â support of notice to show cause why order of committal to prison should not be madeÂ Â 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 Â courtâ€™s order against the Managing Director of Vitafoam Nigeria Plc, Oba AkranÂ Â Avenue, Ikeja, Lagos.
When the bailiff went to serve Vitafoam, the service was turned down by theÂ management of the company after perusing the said noticeÂ (Form 48).
Consequently, Vitafoam Nigeria Plc had continued with its purported management ofÂ Â the Vono, despite the existence of the order of the court made in the suit and theÂ Â pendency of the petition, while it had only filed an application for the dischargeÂ of the said order.
Vitafoam Nigeria Plc has continued to flaunt the order of the court and Mrs.Â Titilola Bakare is still the Managing Director. The management of Vitafoam has alsoÂ 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 Â the integrity of the court, thereby undermining due administration of justice.
He averred further that it was in the interest of justice and inÂ accordance withÂ the law that an order for committal to prison of the Managing Director of VitafoamÂ 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 Â on the ground that the company is insolvent and unable to pay its debt of N54Â Â million and therefore prayed the court that Vono Products with registration numberÂ Â 2346, be wound up by the order of the court in accordance with the provision ofÂ Â Sections 409 (1) and 410 (1) of Companies and Allied Matters Act.