Dfcu Limited (“dfcu”) informs its shareholders and the public that the English High Court has decided an interim application for security for costs by dfcu Limited and others in respect of the claim by Crane Bank Limited (“CBL”) and certain of its shareholders in England against dfcu Limited and others. dfcu had sought security for its costs in the meantime (alongside other Defendants in the proceedings), in circumstances where CBL does not have sufficient assets to cover those costs
The High Court did not order CBL to give security in the form requested by dfcu and others, but instead ordered CBL’s shareholder, Mr Sudhir Ruparelia (who is also a party to the claim), to provide a personal undertaking to the Court and a written personal guarantee to dfcu (and others) that he will pay costs orders made against the Claimants if dfcu (and others) successfully defend the claim at trial.
If dfcu is ultimately successful at trial, dfcu will be entitled to recover its costs of the proceedings from CBL and other claimants.
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