SUIT NO: IST/ APP/01/08
This Appeal was filed by the Appellant against the decision of the Investments and Securities Tribunal (IST), delivered on November 12, 2008. The appellant is challenging the decision of the IST on the ground that the Tribunal erred in law when it held that failure of the Commission to follow Rule 2 and 3 of Schedule VII of the Commission Rules and Regulations is a mere irregularity, and that the Appellant was not denied any fair hearing by reason of that failure.
In the particulars of error, Cadbury alleged that the failure to adhere to the mandatory requirements under Rules 2 and 3 of Schedule VII of the SEC Rules and Regulations amount to a breach of its fair hearing and render the decision of the Commission invalid.
The Appellant further alleged that IST erred in law when it held that the Appellant right of fair hearing was not violated in the APC sitting of March 27, 2008 while the manner in which the APC was constituted by the Commission did not secure its fairness, independence and impartiality.
That throughout the APC sitting of March 27, 2008, the Commission is the complainant, investigator, prosecutor and judge contrary to Section 36 (1) of the 1999 constitution.
Cadbury Nig plc is praying the Court of Appeal to grant an order upholding the Appeal, reversing the decision of the Investments & Securities Tribunal of November 12, 2008 and setting aside the decision of the APC against the Appellant dated March 27, 2008.
Source: Securities & Exchange Commission Nigeria (SEC)