Court name
High Court of Uganda
Judgment date
15 May 2006

Standard Chartered Bank (Companies Cause-2006/2) [2006] UGHC 70 (15 May 2006);

Cite this case
[2006] UGHC 70
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 30th 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 4th 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