Metatron Global Fund and another (Appellants) v Canada Life International Limited and another (Respondents) (Mauritius)

Case summary

Case ID

JCPC/2025/0038

Jurisdiction

Mauritius

Parties

Appellant(s)

Metatron Global Fund and Metatron Global Asset Managers Ltd

Respondent(s)

SBM Bank (Mauritius) Ltd

Canada Life International Limited

Issue

Did the Supreme Court err in refusing to exercise its discretion to grant the Appellants permission to appeal out of time?

Facts

The underlying dispute concerns the interpretation of a settlement deed entered into between the Appellants and the First Respondent on 13 March 2020, and in particular the calculation date to be used to calculate the net asset value of redeemed shares. In March 2013, the First Respondent subscribed to shares in the First Appellant. The First Respondent made a redemption request for the shares on 31 July 2013, which was deferred for six months. In 2017, a dispute arose regarding the right to redeem the shares, leading to the entry into the settlement deed. Via the Second Respondent, the First Respondent paid the First Appellant USD 752,854.17 based on its interpretation of the calculation date in the settlement deed. The Commercial Division of the Supreme Court agreed with the interpretation of the First Respondent as to the correct calculation date and ordered the Appellants to pay the remaining amount due (c. USD 750,000 more, plus costs of USD 100,000 and costs of the case). The Appellants lodged a notice of appeal with the Supreme Court on the final day of the 21-day statutory time limit. They also tried to serve the notice on the attorney who had represented the First Respondent in the lower court. The attorney refused service on the basis that he had left the relevant law firm. The following day, the Appellants lodged an application for leave to appeal out of time against the judgment and to serve the First Respondent out of the jurisdiction. The Supreme Court dismissed the application, finding no sufficient reason to exercise its discretion to grant leave to appeal out of time. The Appellants now appeal as of right to the Judicial Committee of the Privy Council.

Date of issue

9 May 2025

Case origin

Appeal As of Right

Appeal

Hearing dates

Start date

12 March 2026

End date

12 March 2026

Back to top