Following an unsuccessful injunction application arising from a shareholder dispute within a closely‑held corporation, the court addressed costs.
The litigation stemmed from a contested annual general meeting and banking resolution allegedly used to remove an equal shareholder’s rights.
The court found the proceedings were effectively directed by a non‑party shareholder who sought to advance his personal interests through the corporation.
Exercising its inherent jurisdiction, the court ordered that shareholder personally liable for costs payable to both the defendant financial institution and the successful intervenor shareholder, awarding substantial indemnity costs in favour of the intervenor.
