The applicants brought an application under sections 104 and 127 of the Securities Act regarding an alleged issuer bid by Technovision Systems Inc. The respondents and Commission staff brought preliminary motions to stay or dismiss the application.
The Commission found that the applicant Urquhart had previously litigated the same issues in British Columbia and Ontario courts, where her claims were dismissed or stayed.
The Commission held that section 104 is intended for ongoing bids, not completed ones, and section 127 cannot be used to remedy private harm.
The application was dismissed as frivolous, vexatious, and an abuse of process against Urquhart, and permanently stayed against the other applicants, as the matter was a private dispute properly suited for civil courts.
