The Companies Act No. 17 of 2015Section 537 of The Companies Act No. 17 of 2015: Public company may apply to Court for order imposing restrictions on the relevant shares if notice requiring information is not complied with
(1) If—
(a) a notice under section 536 is served by a company on a person who holds or held interests in shares of the company; and
(b) the person fails to give the company the information required by the notice within the period specified in it, the company may apply to the Court for an order directing that the relevant shares be subject to restrictions.
(2) However, if the Court is satisfied that such an order may unfairly affect the rights of third parties in respect of the shares, it may, for the purpose of protecting those rights and subject to such terms as it considers appropriate, direct that such acts by such persons or descriptions of persons, and for such purposes, as may be specified in the order do not constitute a breach of the restrictions.
(3) On the hearing of an application made under this section, the Court maymake an interim order. Any such order may be made unconditionally or on such terms as the Court considers appropriate.
(4) Division 3 makes further provision about orders under this section.
Check the current authoritative text and amendment history before relying on this provision.
(1) A person who— (a) fails to comply with a notice under section 536;or (b) in purported compliance with such a notice— (i) makes a statement that the person knows to be false in a material particula…
(1) A person is not obliged to comply with a notice given under 536 if the personis for the time being examined by the Cabinet Secretary from the operation of that section. (2) The Cabinet Secretary m…
(1) The effect of an order under section 537 that shares are subject to restrictions is as follows— (a) a transfer of the shares is void; (b) no voting rights are exercisable in respect of the shares;…
(1) This section applies if shares are subject to restrictions imposed by an order under section 537. (2) A person who— (a) exercises or purports to exercise a right— (i) to dispose of shares that to…
(1) If an order of the Court directs shares to be subject to restrictions, thecompany or any person aggrieved may make an application to the Court on the ground that the order unfairly affects the rig…
(1) An application may be made to the Court for an order directing that the shares are to cease to be subject to restrictions. (2) An application for an order under this section may be made by the com…
(1) The Court may order that the shares subject to restrictions be sold, subjectto the Court’s approval as to the sale. (2) An application for an order under subsection (1) may only be made by thecomp…
(1) If shares are sold in accordance with an order of the Court under section544, the seller shall pay the proceeds of the sale, less the costs of the sale, into court for the benefit of the persons w…
(1) The members of a company may require it to exercise its powers undersection 536. (2) A company shall comply with such a requirement once it has receivedrequests (to the same effect) from members o…
(1) A company that is required under section 546 to exercise its powers torequire a person to provide information about their interests in the company’s share, shall exercise those powers in the manne…
(1) On the conclusion of an investigation carried out by a company in accordance with a requirement made under section 546, the company shall prepare a report of the information obtained as a result o…
(1) If a company fails to comply with a requirement of section 548(1) to (6), the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a f…
(1) A company that has prepared a report in accordance with section 548 shall ensure that during the company’s ordinary business hours it is available for inspection by any person without charge. (2)…
(1) A company shall keep a register of information that it has obtained as a result of a requirement imposed under section 536. (2) Within three days after receiving any such information, the company…
(1) Except in so far as the regulations otherwise provide, a company shall keep the register required by section 551 available for inspection at the company’s registered office. (2) If a company fails…
(1) A company that is required to keep a register under 551, shall keep the register open during the company’s ordinary business hours for inspection by any person without charge. (2) Any person who r…
(1) A company that receives a request under section 553 shall— (a) comply with the request if it is satisfied that it is made for a proper purpose; and (b) refuse the request if it is not so satisfied…
(1) If a company refuses to allow an inspection required under section 553, or fails to provide a copy required under that section, otherwise than in accordance with an order of the Court, the company…
(1) A person who, in making a request under section 553, makes a statementthat the person knows is, or ought to know is, false or misleading in a material respect commits an offence. (2) A person who,…
(1) A company that is required to keep a register under section 551 shall notdelete an entry in it except in accordance with section 558 and 559. (2) If an entry is deleted in contravention of subsect…
A company may remove an entry from the register kept under section 551 if more than six years have elapsed since the entry was made.
(1) This section applies if, in accordance with an obligation imposed by a noticeunder section 536, a person gives to a company the name and address of another person who holds an interest in shares o…
(1) If a person who is identified in the register kept by a company under section551 as being a party to an agreement to which section 566 applies ceases to be a party to the agreement, the person may…
(1) A company that ceases to be a public company shall nevertheless continueto keep any register kept under section 551 until end of the period of six years after it has ceased to be such a company. (…
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(1) For the purposes of this Part, a person is taken to hold an interest in shares if a body corporate holds an interest in them and— (a) the body or its directors are accustomed to act in accordance…
(1) For the purposes of this Part an interest in shares may arise from an agreement between two or more persons that includes provision for the acquisition by any one or more of them of interests in s…
(1) For the purposes of this Part each party to an agreement to which who is for the time being a party to an agreement to which section 566 applies is taken to have an interest in all shares of the t…
(1) A company may not— (a) include information in respect of which a company is for the time being entitled to any exemption conferred by regulations made for the purpose of section 647 in a report un…
If the period allowed by any provision of this Part for fulfilling an obligation is expressed as a number of days, any day that is not working day is to be disregarded in calculating that period.
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(1) A company that is required to keep a register of debenture holders shall, except when it is duly closed, ensure that the register is, during ordinary office hours, kept available for inspection— (…
(1) If a company— (a) without reasonable excuse— (i) refuses an inspection requested under section 574(2); (ii) fails to comply with a request made under section 574(3); or (b) contravenes section 574…
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(1) A holder of debentures of a company is entitled, on request and on payment of the fee (if any) prescribed by the regulations, to be provided with a copy of any trust deed for securing the debentur…
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(1) If a company has redeemed debentures previously issued, then unless— (a) provision to the contrary, express or implied, is contained in the company's articles or in any contract made by the compan…
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