Wells v. Bioniche Life Sciences Inc.

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Counsel to Bioniche Life Sciences Inc. in a contested proxy contest.   A group of dissident shareholders attempted to gain control of Bioniche by requisitioning a shareholders' meeting to replace the company's management.  The company refused to call the meeting on the basis that the requisition was invalid.  The dissidents commenced an application seeking a court order to force a meeting, and the company commenced an application seeking to have the requisition declared invalid.  The Court ruled in favour of the company, holding that the company’s decision to not call the shareholders’ meeting was a reasonable exercise of business judgment. 2013 ONSC 4871