Estera v Singh [2019] EWHC 2039 (Ch)

WTLR Issue: Spring 2020

(1) ESTERA TRUST (JERSEY) LIMITED (a company incorporated under the Laws of Jersey)|(2) HERINDER SINGH

V

(1) JASMINDER SINGH|(2) VERITE TRUST COMPANY LIMITED (a company incorporated under the Laws of Jersey)|(3) JEMMA TRUST COMPANY LIMITED (a company incorporated under the Laws of Jersey)|(4) EDWARDIAN GROUP LIMITED|(5) JASMINDER SINGH AND HERINDER SINGH(as trustees of the English Trusts)

Analysis

The Petitioners brought an unfair prejudice petition against the First Respondent in respect of their management of the Fourth Respondent (the Company). Following a liability trial, the First Respondents and the Company were ordered to purchase the Petitioners’ shares in the Company at a price to be determined. A quantum trial followed in which the purchase price was determined and an initial sum to be paid on account of the full price within 28 days, with the balance to be paid within 6 months. The wording of the order was left to the parties.

Counsel details

Mr Steven Gee QC, (Monckton Chambers, 1 & 2 Raymond Buildings, Gray’s Inn, London WC1R 5NR, DX LDE 257, tel: +44 (0)20 7405 7211, fax: +44 (0)20 7405 2084, email: chambers@monckton.com) Mr Giles Goodfellow QC and Mr Oliver Conolly, (Pump Court Tax Chambers, 16 Bedford Row, London WC1R 4EF, tel: +44 (0)20 7414 8080, fax: +44 (0)20 7414 8099, DX: 312 LDE, email: clerks@pumptax.com) Mr Alex Barden (Fountain Court Chambers, Fountain Court, Temple, London EC4Y 9DH, Telephone: +44 (0)20 7583 3335, Fax: +44 (0)20 7353 0329, DX: 5 LDE) instructed by Arnold & Porter Kaye Scholer LLP (Tower 42, 25 Old Broad Street, London EC2N 1HQ, tel: +44 (0)20 7786 6100, fax: +44 (0)20 7786 6299) for the petitioners

Mr Ian Croxford QC (Wilberforce Chambers, 8 New Square, Lincoln’s Inn, London, WC2A 3QP, DX: 311 Chancery Lane, tel:+44 (0)20 7306 0102, fax: +44 (0)20 7306 0095) Mr Daniel Lightman QC and Ms Emma Hargreaves (Serle Court, 6 New Square, Lincoln’s Inn, London WC2A 3QS, DX 1025 LDE, tel: +44 (0) 20 7242 6105, fax: +44 (0) 20 7405 4004) instructed by Orrick, Herrington & Sutcliffe LLP (107 Cheapside, London, EC2V 6DN, tel: +44 20 7862 4600, fax: +44 20 7862 4800

Mr Andrew Green QC and Mr Fraser Campbell (Blackstone Chambers, Blackstone House, Temple, London, EC4Y 9BW, DX: LDE 281, tel: +44 (0) 20 7583 1770, fax: +44 (0) 20 7822 7350, email: clerks@blackstonechambers.com) Mr Kevin Prosser QC (Pump Court Tax Chambers, 16 Bedford Row, London WC1R 4EF, tel: +44 (0)20 7414 8080, fax: +44 (0)20 7414 8099, DX: 312 LDE, email: clerks@pumptax.com), instructed by Baker & McKenzie LLP (100 New Bridge St, London EC4V 6JA, tel: +44 20 7919 1000, fax: +44 20 7919 1999) for the fourth respondent.

Cases referenced

Cases in bold have further reading - click to view.

Legislation referenced

Legislation in bold has further reading - click to view.

  • 383
  • 385
  • Corporation Tax Act 2010
  • Corporation Tax Act 2010, ss1033-1043
  • Income Tax (Trading and Other Income) Act 2005, ss368, 383, 385
  • ss1033-1043|Income Tax (Trading and Other Income) Act 2005
  • ss368