Reddy v. MBKS COMPANY LIMITED

JACOBS, Justice:

Jagan M. Reddy (“Reddy”), the defendant below, appeals from an order of the Court of Chancery granting summary judgment in favor of the plaintiffs below, MBKS Company Limited, a British Virgin Islands corporation (“BVI”), and its subsidiaries, MBKS Inc. and MBKS II Inc., both Delaware corporations (the “MBKS companies”). 1 The legal issue presented on this appeal is whether the Court of Chancery correctly determined that certain actions by Reddy constituted a cancellation of shares of the MBKS companies. The Court of Chancery held that they did, and that because the charters…