Article
Judicial Committee Of The Privy Council Confirms That Shareholders Have A Direct Right Of Action Against A Company In Circumstances Where Shares Have Been Allotted For An Improper Purpose
The Judicial Committee of the Privy Council in Tianrui v China Shanshui has held that a shareholder has a personal right of action against a Cayman Islands company to challenge the improper issue and allotment of shares by that company's directors.
Harneys
