Daar Communications PLC has initiated legal action against the Corporate Affairs Commission following what it describes as a fraudulent distortion of its shareholding records.
In a statement issued on Wednesday, the media organization alleged that its total issued share capital was unauthorizedly increased on the commission’s portal, shifting from approximately 4.89 billion to over 5.01 billion shares.
The company maintained that this discrepancy occurred without the necessary board approvals, regulatory filings, or the legal documentation required for the transfer of shares from the estate of its late founder.
The company is seeking a court order to compel the commission to restore its original shareholding structure, arguing that the changes lack the proper legal basis such as probate or letters of administration.
While the commission has denied any system breach or cyberattack, attributing the records to existing filings, Daar Communications contends that the alterations represent a coordinated attempt to misrepresent the company’s ownership.
Beyond the correction of its records, the firm is demanding a forensic audit of the statutory portal and seeking damages for the alleged administrative irregularities.