Saeid Nourifard, the plaintiff, alleged that Navid Emadzadeh agreed to hold shares in trust for Nourifard, who could not own shares directly due to his status in Canada.
Nourifard contributed funds towards the purchase of shares in Novarc Technologies Inc., with the understanding that Emadzadeh would hold these shares in trust.
Disputes arose when Nourifard requested the transfer of shares to his name, which Emadzadeh and Novarc Technologies Inc. refused.
Issue:
The main legal issue revolved around whether the plaintiff's action was barred by the two-year limitation period prescribed by the Limitation Act.
Court's Ruling:
The court found that the plaintiff initiated the legal proceedings more than two years after the date of discovery of the claim (November 21, 2017).
The court dismissed the plaintiff's claims against the defendants based on the expiry of the limitation period.
Costs/Damages:
The defendants were awarded their respective costs for the entire proceeding at Scale B.
