Standard Chartered Bank (Uganda) Ltd v The New Vision Printing & Publishing Corporation (Companies Cause No. 2 of 2006) [2006] UGHC 70 (15 May 2006)

THE REPUBLIC OF UGANDA

IN THE HIGH COURT OF UGANDA AT KAMPALA

COMPANIES CAUSE NUMBER 02 OF 2006

STANDARD CHARTERED BANK (UGANDA) LIMITED ::: APPLICANT

VERSUS

THE NEW VISION PRINTING

AND PUBLISHING CORPORATION :::::::::::::::::::::::: THE COMPANY

BEFORE: THE HON. AG. JUDGE REMMY KASULE

RULING:

This application is made pursuant to Section 102 of the Companies Act and Order 34 A Rule 6 of the Civil Procedure Rules.

The Court is being prayed to grant an extension of time within which to register Company Form A with the Registrar of Companies in respect of charges by way of a debenture/mortgage executed by the Company in favour of the applicant.

The applicant Bank extended Credit facilities to the Company on 30^th April, 1999 and the Company executed a mortgage and a debenture in favour of the applicant Bank to secure repayment of the extended financial facilities.

The mortgage and debenture were duly registered on 4^th May 1999, but through in advertence Company Form 4 was not registered with the Registrar of Companies.

The Application is supported by an affidavit of Mr. John Magezi Counsel for the Applicant Bank.

The Court is satisfied that this is a proper case for the court to exercise its discretion to extend time by allowing the applicant to file Company Form 4 out of time. By granting such extension no injustice is caused to the Company. Registration, on the other hand, will ensure that what the Company agreed upon with the Applicant Bank is properly secured under the law.

Accordingly the application is allowed. The applicant Bank is hereby granted an extension of time to register Company Form 4 within 15 days from the date of this order.

The applicant is to bear the costs of this Application.

Remmy Kasule

Ag. Judge

15^th May 2006