• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Why all 5 supreme court justices judges agreed to dismiss BoU application against Sudhir, Meera Investments

Thereafter Bank of Uganda, through Crane Bank in Receivership sued Sudhir Ruparelia, one of the Shareholders of the bank, together with Meera Investments Ltd 

watchdog by watchdog
4 years ago
in News
2 0
ShareTweetSendShare

Five Supreme Court Justices have unanimously dismissed an application by Bank of Uganda to amend its appeal in which it challenges a ruling by the high court in favor of former owner of Crane Bank and Meera Investments ltd

If successful, the amendment would have reversed the several losses the Central Bank has suffered at the hands of businessman Dr Sudhir Ruparelia and his company Meera Investments Ltd.

The 5 justices, Rubby Opio-Aweri, Faith Mwondha, Dr Lillian Tibatemwa, Ezekiel Muhanguzi and Percy Night Tuhaise in unison dismissed BoU’s bid to substitute Crane Bank in Receivership with Crane Bank in Liquidation a move the justices said would fundamentally alter the facts the case and deny both Dr. Sudhir and Meera a chance at justice.

This latest application to switch parties emanates from the 20th of October 2016 statutory takeover of Crane Bank Limited under the Financial Institutions Act and subsequently placed it under receivership on 20th January 2017, before selling its assets and liabilities to dfcu Bank on the 25th of January 2017.

Thereafter Bank of Uganda, through Crane Bank in Receivership sued Sudhir Ruparelia, one of the Shareholders of the bank, together with Meera Investments Ltd

Before the main case could be heard, Dr Sudhir and Meera, raised preliminary objections through the High court in which they argued that Crane Bank in Receivership had no basis for suing since the law did not allow a company in receivership any powers to sue or be sued.

The High Court sustained the preliminary objections and dismissed the case Bank of Uganda and ordered it to the costs of the suit to Sudhir Ruparelia.

Dissatisfied with the High Court ruling, Crane Bank Limited in Receivership filed an appeal, but the appellate court maintained that a company under receivership can’t sue or be sued.
Crane   Bank   Limited in receivership then appealed against the decision of the Court of Appeal in the Supreme Court, which is pending resolution.
To stop Dr Sudhir and Meera Investments from enforcing the ruling of the Court of Appeal to regain their company, Crane Bank Limited in Receivership also filed Supreme Court application against Sudhir Ruparelia which was dismissed.

Following this court defeat of the Bank of Uganda on 15th November 2020, BOU issued a public notice in the Sunday Vision newspaper to the effect that it had placed Crane Bank Limited under liquidation and ordered the winding up of its affairs. Dr Sudhir Ruparelia then filed Supreme Court Miscellaneous Application Nos. 39 and 40 of 2020 against Crane Bank Limited in Receivership and BOU seeking interim and temporary injunctions respectively to stop BOU from continuing with the liquidation process. However, the court also dismissed this application on 22nd December 2020.

Following this ruling, Bank of Uganda, this time, through Crane Bank (In Liquidation) went to the Supreme Court asking to switch itself with Crane Bank Limited in receivership as the substantive party in the Supreme Court Appeal a move that the five justices have now dismissed saying it was a move in bad faith and an attempt to circumvent the main issue in the appeal- which is whether a company in receivership can sue or be sued.
The justices also ruled that the very nature of the amendment sought by BoU would fundamentally change and alter the facts of the main appeal.

They also ruled that the Bank of Uganda’s latest application was in bad faith since it was made with the full knowledge that it would impact the main appeal.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
ShareTweetSendShare

Related Posts

Maama Janet and President Museveni visited Mrs. Fausta Nalweyiso on Monday in Kibumbiro, Busega. The President praised her dedication to the Parish Development Model through her piggery project which he found very impressive.
Agriculture

MIKE SSEGAWA: Museveni’s PDM Tour; A Journey of Connection and Transformation

14th July 2025 at 22:49
Community News

Justice George Kanyeihamba Passes Away at 85, Leaving a Lasting Legacy in Uganda

14th July 2025 at 09:39
Dr. Ayub Mukisa (Ph.D.)
News

Dr. Ayub Mukisa: For the Fate and Future of Karamoja: Stakeholders need to Prioritise Climate Change Issue

14th July 2025 at 09:30
Next Post

Ladies-Here are 10 types of men you should never get married to

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1135 shares
    Share 454 Tweet 284
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    56 shares
    Share 22 Tweet 14
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    41 shares
    Share 16 Tweet 10
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2291 shares
    Share 916 Tweet 573
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    51 shares
    Share 20 Tweet 13
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Maama Janet and President Museveni visited Mrs. Fausta Nalweyiso on Monday in Kibumbiro, Busega. The President praised her dedication to the Parish Development Model through her piggery project which he found very impressive.

MIKE SSEGAWA: Museveni’s PDM Tour; A Journey of Connection and Transformation

14th July 2025 at 22:49
Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
Maama Janet and President Museveni visited Mrs. Fausta Nalweyiso on Monday in Kibumbiro, Busega. The President praised her dedication to the Parish Development Model through her piggery project which he found very impressive.

MIKE SSEGAWA: Museveni’s PDM Tour; A Journey of Connection and Transformation

14th July 2025 at 22:49

Justice George Kanyeihamba Passes Away at 85, Leaving a Lasting Legacy in Uganda

14th July 2025 at 09:39

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda