An action by David Kelly, a fellow shareholder in the tech conference company, Web Summit is to be contested, the Commercial Court heard today.
Graiguearidda Ltd, whose sole shareholder is Mr Kelly and which has a 12 per cent stake in the Web Summit company, Manders Terrace, had the case admitted to the fast track commercial list today.
The case in which the Kelly firm alleges shareholder oppression is against Manders Terrace, Proto Roto Ltd and Web Summit founder, Paddy Cosgrave.
Frank Kennedy BL, for Graiguearidda, said there were compelling reasons in Mr Kelly’s affidavit seeking entry of the case to the list.
Bernard Dunleavy SC, for the respondents said he wished to make it clear that the decision not to object to the entry application was in any way a reflection of his client's acceptance of the plaintiff’s case, which will be vigorously defended.
Mr Justice Denis McDonald gave directions for the case to proceed and can come back before the court in March.
