December 11, 2019
Star Navigation Systems Group (CSE: SNA), a Brampton, Ontario-based company that develops products and technologies for the aviation industry, filed an NOI on December 11, listing $3.5 million in liabilities. Since earlier this year, a group of dissident shareholders have been attempting to requisition a meeting of shareholders to replace the current board. In each instance, the requisition has been invalid. On December 11, the company's CEO and chairman of the board, Viraf Kapadia, attempted to access the company premises but his key card no longer worked. His access was then physically barred by one of the dissident shareholders. It appears as though the dissident shareholders seized the company in reliance of a meeting of shareholders held at 8 am in which the board was purportedly replaced. In addition to filing the NOI, Kapadia sought an injunction restoring the status quo for the company until the court has had a chance to assess the validity of the latest purported shareholder meeting. Farber is the proposal trustee. Norton Rose Fulbright is counsel for Kapadia.