By Bin ZengGowling WLG A recent Quebec Superior Court case, Basha v. Singh, 2016 QCCS 1564, illustrates how crucial a shareholders’ agreement can be for minority shareholders. In this case, the plaintiff, Mr. Basha, successfully claimed ownership of 25% of the shares of 7030975 Canada inc. (hereinafter, “Pro Global”). However, his action to force Pro Global to buy back his shares on the basis of an oppression remedy was rejected by the Court. Further, since there was no shareholders’ agreement providing contractual rights on which to ground Mr. Basha’s claim, the Court ruled that Mr. Basha could not demand to be paid for his shares. As a result, he would have to suffer the consequences of a difficult relationship with the other shareholders as well as the downfall of the business. ContextMr. Basha, unsatisfied with his employment conditions with Pro Global, resigned from his position as director of Pro Global…. Lire la suite
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