McCarthy Denning secures Buy Out Order and Recission of Agreements in Unfair Prejudice Case
The leading next-generation City law firm, McCarthy Denning, has obtained a landmark victory in a case of oppressive conduct against their client Krishna HoldCo Limited (Krishna), which pursued a complex unfair prejudice petition and other claims.
The findings of fraudulent misrepresentation, wrongful extraction of value for over a decade, and unfairly prejudicial conduct by the respondent shareholder, Gowrie Holdings Ltd (Gowrie), secured a share buyout for Krishna. The Petition by Krishna for wrongdoing against it since 2010 in one of the leading UK pharmaceutical industry companies was fully vindicated. In making his judgment the Hon. Mr Judge Adam Johnson ordered the rescission of a contract from 2013 on the grounds of fraud and also a shareholders agreement signed in 2016. The litigation exposed the forgery of bank statements in support of the wrongdoing against Krishna.
“This is a major win in a hard-fought case, thanks to the dedication of our combined legal team. McCarthy Denning was able to deliver a powerful blend of corporate expertise and litigation know-how through our business model of providing senior lawyer advice in a low-overhead environment. This case shows the depth and breadth of our expertise in shareholder disputes and the effectiveness of our teams in long and complex litigation.” said McCarthy Denning CEO Warren Wooldridge.
The case dealt with almost 8 years of oppressive conduct and included 8 Defendants. It resulted in a trial of over 7 weeks. This reflected the volume of documents and the complexities and difficulties of the case, as acknowledged by Adam Johnson J in his Judgment.
The McCarthy Denning team were led by Gordon Adam (Litigation Partner), together with corporate law expert Stephen Nelson. A dedicated team with a mix of specialised skill-sets worked tirelessly over a period of 4 years to achieve this remarkable judgment. The Bar Team consisted of Iain Quirk KC and Freddie Onslow of Essex Court Chambers with Robert Winspear at 42 Bedford Row. The team are currently preparing for the Quantum Trial expected to take place in 2024.
DATE 28/06/2023
