“…ook in some detail at how the rule has developed. The genesis of the rule was in the decision of this Court in Prudential Assurance v Newman Industries (No. 2) [1982] 1 Ch 204. In that case the plaintiff, which had a 3.2% shareholding in the company, Newman Industries, inter alia sued two individual directors in respect of a fraud on…”
“…In this connection, Mr Clutterbuck took us to Prudential Assurance Co Ltd v Newman Industries Ltd (No 2) [1982] 1 Ch 204, where a shareholder alleged that directors of the company had issued a circular to its members containing a fraudulent misrepresentation as to the value of ce…”