Stallion group stays unaffected in court docket judgment affirming – Management

Stallion Group has assured its clients, bankers, suppliers and different stakeholders that the Federal High Court judgment obtained by United Bank for Africa (UBA) Plc doesn’t have an effect on the operations of its different corporations that weren’t events to the go well with.

The Group mentioned the judgment involved Stallion Nigeria Limited and sure different corporations concerned within the proceedings, stressing that it shouldn’t be interpreted as making use of to the complete Group.

The clarification follows media stories which, based on the Group, have created a deceptive impression concerning the scope and implications of the judgment.

This was contained in a press release, signed by Abdulsalam Gaffar Olatokunbo on behalf of Stallion Group, explaining that the disputed credit score facility was granted to Stallion Nigeria Limited and choose corporations, every working as a separate authorized entity.

The affected corporations, nonetheless, dispute the alleged indebtedness and preserve that the power was adequately secured by property pledged to UBA.

According to him the Group, Stallion Nigeria Limited has appealed the judgment and is continuous to interact with the financial institution with out prejudice to its authorized rights and cures.

It additional said that the majority Stallion Group corporations weren’t events to the court docket proceedings and had no obligations arising from the judgment.

Their companies, property and monetary obligations, the Group added, stay separate and unaffected by the ruling.

The assertion additionally clarified that no judgment was entered in opposition to the Vaswani brothers, Haresh Vaswani and Mahesh Vaswani, noting that neither was a celebration to the go well with or the pending enchantment.

It added that neither brother incurred private or collective legal responsibility to UBA arising from the judgment.

Providing an replace on its operations, Stallion Group mentioned its corporations not concerned within the proceedings had continued their manufacturing and buying and selling actions.

The unaffected companies, it mentioned, remained centered on serving clients and have been positioned to fulfill their lawful obligations to banks, suppliers, clients and different stakeholders.

The Group reaffirmed its dedication to sustaining enterprise operations and sustaining stakeholder confidence whereas Stallion Nigeria Limited pursues its enchantment and continues discussions with UBA.

It expressed appreciation to its clients, bankers, enterprise companions and suppliers for his or her continued confidence, reiterating that the authorized dispute involving the businesses named within the proceedings shouldn’t be generalised to the broader Group.

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