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Headmaster, wife accused of inflating company shares
6 hrs ago |
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The fraud trial of a Harare school headmaster and his wife continued on Friday, with the complainant telling the court she discovered the couple had allegedly allotted themselves additional shares in a family-owned company without her approval.
Thakorbhai Kanjee, headmaster of West Ridge Primary School, and his wife Jaya Kanjee are appearing before Harare magistrate Artwell Sanyatwe facing fraud charges linked to the alleged manipulation of shareholding in T and J Investments (Pvt) Ltd.
Prosecutors allege the couple unlawfully increased their ownership stake in the company by assigning themselves 10 additional shares each without the knowledge or consent of fellow director Neeshta Urmila Patel.
Testifying in court, Patel said the accused held a meeting on Aug. 16, 2024, without informing her and later sent her a proposed company resolution via WhatsApp for signature.
The resolution allegedly proposed that company shares be equally distributed among directors, but Patel said she refused to sign after reviewing its contents.
Patel further told the court that on Sept. 30, 2024, the couple sent her a copy of a Return of Allotments (CR11) form dated Sept. 4, 2024, which she claimed reflected unauthorised alterations to the company's shareholding structure.
"The allotment dated 4 September 2024 diluted my shares by 16.7%. I held 50% previously, but my stake has been reduced to 33.3%. This was done without my knowledge or consent," she said.
According to Patel, when she questioned the changes, her uncle, Thakorbhai Kanjee, claimed the allotment was based on a 2012 agreement.
The State, represented by prosecutor Lawrence Gangarawe, submitted eight documents as evidence, including a High Court order, a company ownership agreement, an alleged falsified resolution, a will and share certificates.
Prosecutors allege the accused submitted a forged company resolution to the Registrar of Companies on Aug. 16, 2024, falsely indicating that all directors had approved changes to the company's shareholding structure.
The Registrar allegedly processed the changes, resulting in the two accused each receiving 10 additional shares without Patel's consent.
The State argues the alleged actions prejudiced the proper administration of the company.
The matter was postponed to May 21 for continuation of trial.
Thakorbhai Kanjee, headmaster of West Ridge Primary School, and his wife Jaya Kanjee are appearing before Harare magistrate Artwell Sanyatwe facing fraud charges linked to the alleged manipulation of shareholding in T and J Investments (Pvt) Ltd.
Prosecutors allege the couple unlawfully increased their ownership stake in the company by assigning themselves 10 additional shares each without the knowledge or consent of fellow director Neeshta Urmila Patel.
Testifying in court, Patel said the accused held a meeting on Aug. 16, 2024, without informing her and later sent her a proposed company resolution via WhatsApp for signature.
The resolution allegedly proposed that company shares be equally distributed among directors, but Patel said she refused to sign after reviewing its contents.
Patel further told the court that on Sept. 30, 2024, the couple sent her a copy of a Return of Allotments (CR11) form dated Sept. 4, 2024, which she claimed reflected unauthorised alterations to the company's shareholding structure.
"The allotment dated 4 September 2024 diluted my shares by 16.7%. I held 50% previously, but my stake has been reduced to 33.3%. This was done without my knowledge or consent," she said.
According to Patel, when she questioned the changes, her uncle, Thakorbhai Kanjee, claimed the allotment was based on a 2012 agreement.
The State, represented by prosecutor Lawrence Gangarawe, submitted eight documents as evidence, including a High Court order, a company ownership agreement, an alleged falsified resolution, a will and share certificates.
Prosecutors allege the accused submitted a forged company resolution to the Registrar of Companies on Aug. 16, 2024, falsely indicating that all directors had approved changes to the company's shareholding structure.
The Registrar allegedly processed the changes, resulting in the two accused each receiving 10 additional shares without Patel's consent.
The State argues the alleged actions prejudiced the proper administration of the company.
The matter was postponed to May 21 for continuation of trial.
Source - online
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