In this modern day and age, it is no more common practice to
remain in a fixed place of work for a lifetime. The same principle
applies to directors. In fact, the Companies Act 2001 (the
"Companies Act") even provides for such a situation.
Section 143 (1) (h) of the Companies Act provides that a director
cannot compete with the company or become a director or officer of
a competing company, unless it is approved by the company. To
complicate matters, the term "competing company" is not
defined in the Companies Act.
So, when is a director of a company in competition with its
company?
More than an answer, there is now some guidance in the recent
judgment I-Mediate Ltd vs. Taranee R. &Ors 2015 SCJ 75. It is
to be noted that it is a judgment given in chambers by his Honor
Mr. Justice Angoh.
