Company share transfer gone bad as Supreme Court jumps to secretary’s defense

The Supreme Court has validated the transfer of 59% shares in Cottage Italia Industries Ltd to Tatiana Boya, its managing director and secretary, thereby establishing her as the majority shareholder.

This decision overturns previous High Court and Court of Appeal rulings favoring the defendant, Mario De Cataldo, who argued the transfer was a façade to evade governmental interference.

The apex court ruled that the transfer, executed via two deeds of assignment, legally grants Tatiana control over the company.

Consequently, Mario must account for his management of the company since October 2011 and is enjoined from actions contrary to Tatiana's interests.