QFC 0027/2022, [2022] QIC (F) 26 Hypernym LLC v Mehmoud Ul Hassan Lodhi

This case involved the compulsory purchase of shares in a company where a 20% shareholder had refused to provide his passport and documents required as evidence in order for the company to open a bank account, so the company was facing insolvency as without a bank account it was unable to pay employees and suppliers.

Background

The Claimant, Hypernym LLC was a company registered in the Qatar Financial Centre and represented by two of its members and directors, Mr Marah Al Khateeb and Mr Omar Kashef. The Defendant, Mr Mehmoud Ul Hassan Lodhi, was a 20% shareholder in the Company. His present whereabouts were unknown to the Claimant. It was described by the Claimant’s representatives as “between Pakistan and Dubai running his own business since 2021”. The claim was for relief under Article 134(2) of the QFC Companies Regulations 2005, which was essentially authorising this Court to make an order to: “(B) Provide for the purchase of the shares of any member of the company or by the company itself; or (E) Make such order as the QFC Civil and Commercial Court thinks fit”.