Meera Investments has dragged Dfcu Bank to Land Division of the High Court, seeking to reclaim its 46 branches that were allegedly acquired illegally countrywide following the dissolution of Crane Bank.
Should court agree with the arguments of Meera Investments, all the 46 country wide Dfcu Bank branches will be closed and reverted to them.
Also sued alongside Dfcu Bank, is the Commissioner of land registration.
In their suit, Meera Investment contends that it is the rightful owner of the 46 branches formerly trading as Crane Bank and that for any transfer to have been effected to Dfcu Bank; its consent should have first been sought.
The Commissioner land registration has been faulted for having allegedly connived with Dfcu Bank to transfer the leases of the 46 properties into the latter’s names without the written prior consent of Meera Investments; a move they say is null and void. Meera Investments, which is one of the entities owned by business tycoon, Sudhir Ruparelia, wants court to declare that the continued presence of Dfcu Bank on its properties amounts to trespass and that they should be ordered to vacate with immediate effect.
Turning to the commissioner land registration, Meera Investments wants court to direct them to immediately cancel out Dfcu Bank as being the rightful owner of those suit properties and reinstate Meera Investments as the rightful owners.
Meera in its law suit, avers that at the time when Bank of Uganda (BoU) took over the management of then Crane Bank, now under receivership, in October 2016 before its eventual sell to Dfcu, they (Meera Investments) was the lessee of the suit properties and paying USD6,000 every beginning of the year.
Meera adds that transferring the same properties to Dfcu Bank without their prior written consent is illegal.
