Vern Krishna

Following the release of the appeal judgment, the appellants requested clarification on the effect of the judgment on two aspects of the trial judge's order for interest.

The Court of Appeal clarified that interest on the respondents' share of Vicbir's RDTOH remains at 6% per annum from January 1, 2001.

The Court also clarified that interest on the share of sums payable to one of the respondents should be calculated on the net amount owing after deducting the sum she owed for reacquired shares.

The appellants appealed a trial judgment that found oppressive conduct in the management of a family holding company and ordered the corporation to purchase the respondents' shares for cancellation.

The trial judge devised a valuation formula that included an unequal distribution of the corporation's capital dividend account to compensate the respondents for their share of the refundable dividend tax on hand.

The Court of Appeal dismissed the main appeal, finding no error in the trial judge's findings of oppression or his general valuation approach.

However, the Court allowed the respondents' cross-appeal in part, correcting a mathematical error in the trial judge's tax account formula to ensure the respondents were fully compensated for their pro rata share of the refundable dividend tax on hand.