The Companies Act No. 17 of 2015Section 601 of The Companies Act No. 17 of 2015: Enforcement of Takeover Rules by the Court
(1) If the Authority is of the opinion that a person is contravening or about to contravene, or has repeatedly contravened, a provision of the Takeover Rules, it may apply to the Court for a restraining order under subsection (4).
(2) If the Authority is of the opinion that a person is failing to comply, or about to fail to comply, or has repeatedly failed to comply, with a requirement of the Takeover Rules, or with a direction given under rules made for the purposes of section 595, it may apply to the Court for a compliance order under subsection (5).
(3) A person in respect of whom an application is made under subsection (1) or (5) is the respondent at the hearing of the application and is entitled to appear and be heard at the hearing.
(4) On the hearing of an application made under subsection (1), the Court may, if satisfied that the respondent is contravening or about to contravene, or has repeatedly contravened, a provision of the Takeover Rules, the Court may make an order restraining the respondent from continuing or committing the contravention, or committing further contraventions, of the provision.
(5) On the hearing of an application made under subsection (2), the Court may, if satisfied that the respondent is failing to comply or about to fail to comply, or has failed to comply, with a requirement of the Takeover Rules or a direction given under section 595, the Court may make a compliance order directing the respondent to comply with the requirement or direction.
(6) The Authority may not seek an injunction from the Court concerning a matter in respect of which it can make an application under this section.
Check the current authoritative text and amendment history before relying on this provision.
(1) Neither the Authority nor a person to whom subsection (2) applies is liable for damages for any act done, or omitted to be done, in connection with the performance or purported performance of the…
(1) A contravention of, or a failure to comply with a requirement of, the Takeover Rules does not give rise to a right of action for breach of statutory duty. (2) A contravention of, or a failure to c…
(1) A statement made by a person in response to— (a) a requirement under section 596(1) (power to require documents and information); or (b) an order made by the Court under section 601 to ensure comp…
(1) In this Division— "offer period", in relation to a takeover bid, means the time allowed for acceptance of the bid by the Takeover Rules; "opted-in company" means a company in relation to which— (a…
(1) A company may, by a special resolution, opt in for the purposes of this Part if the following two conditions are satisfied in relation to the company. (2) The first condition is that the company h…
(1) For the purpose of this section, the effective date is the date specified in an opting-in resolution or an opting-out resolution is to have effect. (2) An opting-in resolution or an opting-out res…
(1) The following provisions have effect when a takeover bid is made for an opted-in company. (2) An agreement to which this section applies is void in so far as it places any restriction— (a) on the…
(1) If a takeover bid is made for an opted-in company, the offeror may, by making a request to the directors of the company, require them to convene a general meeting of the company if, at the date at…
(1) A company that has passed an opting-in resolution or an opting-outresolution shall notify the resolution to the Authority within fourteen days after the resolution is passed. (2) If a company fail…
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(1) An offeror may not give a notice under section 611 otherwise than in the manner prescribed by the regulations. (2) An offeror may not give a notice under section 611(2) or (4) after the end of— (a…
(1) Subject to section 618, this section applies if the offeror gives a shareholder a notice under section 611. (2) The offeror is not only entitled but is bound to acquire the shares to which the not…
(1) If an offeror pays or transfers consideration to the company under section613(6), the company shall pay into a separate bank account that complies with subsection (2)— (a) any money it receives un…
(1) Subsections (3) and(4) apply if a takeover offer relates to all the shares in a company. (2) For the purposes of subsection (1), a takeover offer relates to all the shares in a company if it is an…
(1) Rights conferred on a shareholder by section 615(3), (4) or (5) are exercisable only by a written communication addressed to the offeror. (2) Rights conferred on a shareholder by section 615(3), (…
(1) Subject to section 618, this section applies to shares in respect of which a shareholder has exercised the rights conferred by section 615. (2) The offeror is not only entitled but also bound to a…
(1) If a notice is given under section 611 to a shareholder the Court may, on an application made by the shareholder, order— (a) that the offeror is not entitled and bound to acquire the shares to whi…
(1) If a takeover offer is made by two or more persons jointly, the conditions for the exercise of the rights conferred by section 611 are satisfied— (a) in the case of an acquisition of shares made a…
(1) In this Part— “annual financial statement” in relation to a company, means the company's individual financial statement for a financial year, and includes any group financial statement prepared by…
Information required by this Part to be given in notes to a company’s annual financial statement can be contained in the statement or in a separate document annexed to it.
(1) The requirements of this Part relating to the financial statement of acompany apply to each financial year of the company. (2) In certain respects, different provisions apply to different kinds of…
The small companies regime for financial statements applies to a company for a financial year in relation to which the company— (a) qualifies as small; and (b) is not excluded from the regime.
(1) A company qualifies as small in relation to its first financial year if the qualifying conditions are satisfied in that year. (2) A company qualifies as small in relation to a subsequent financial…
(1) A parent company qualifies as a small company in relation to a financial year only if the group of companies headed by it qualifies as a small group. (2) A group qualifies as a small group in rela…
(1) The small companies regime does not apply to a company that is, or wasat any time within the financial year to which the financial statement relates— (a) a public company; or (b) a member of an in…
For the purposes of this Part, a company is a quoted company in relation to a financial year if it was a quoted company immediately before the end of the accounting reference period by reference to wh…
(1) Every company shall keep proper accounting records. (2) For purposes of subsection (1), accounting records are proper only if they—(a) show and explain the transactions of the company; (b) disclos…
(1) If a company fails to comply with a provision of section 628, the company,and each officer of the company who is in default, commit an offence. (2) A person who is found guilty of an offence under…
(1) Except in so far as the regulations otherwise provide, a company shall—(a) keep its accounting records at its registered office; and (b) ensure that the records are at all times open to inspection…
(1) If a company fails to comply with a provision of section 630(1), the company,and each officer of the company who is in default, commit an offence. (2) An officer of a company who— (a) fails to tak…
(1) A financial year of a company is determined in accordance with this section. (2) A company’s first financial year— (a) begins with the first day of its first accounting reference period; and (b) e…
(1) The accounting reference periods of a company are determined accordingto its accounting reference date in each calendar year. (2) Unless otherwise prescribed in the articles or by any law, the acc…
(1) A company may, by notice lodged with the Registrar for registration, change its accounting reference date having effect in relation to— (a) the current accounting reference period of the company a…
(1) The directors of every company shall prepare a financial statement for thecompany for each of financial year of the company. (2) Such a financial statement is referred to in this Part as the compa…
(1) The directors of a company may approve a financial statement for thepurposes of this Division only if they are satisfied that the statement gives a true and fair view of the assets, liabilities an…
(1) The directors of a company shall prepare the company’s individual afinancial statement in accordance with section 638. (2) Subsection (1) is subject to section 645. (3) If the directors of a compa…
(1) In preparing an individual financial statement for a financial year, the directors of a company shall ensure that the statement complies with the requirements of this section. (2) The requirements…
(1) If, at the end of a financial year, a company that is not subject to the smallcompanies regime is a parent company, the directors of the company shall, in addition to preparing an individual finan…
(1) A company that is itself a subsidiary undertaking is exempt from the requirement to prepare a group financial statement in the following cases— (a) if the company is a wholly-owned subsidiary of t…
A parent company is exempt from the requirement to prepare a group financial statement if under section 644 all of its subsidiary undertakings could be excluded from consolidation in a group financial…
(1) If a group financial statement is required to be prepared, the directors of the parent company shall prepare the statement in accordance with section 643. (2) If the directors of the parent compan…
(1) In preparing a group individual financial statement for a financial year, the directors of the parent company concerned shall ensure that the statement complies with the requirements of this secti…
(1) In preparing a group financial statement, the directors of the parent company shall include in the consolidation all of the subsidiary undertakings of the company, subject to the exceptions specif…
(1) The directors of a parent company shall ensure that the individual financialstatements of— (a) the parent company; and (b) each of its subsidiary undertakings, are all prepared using the same fina…
(1) If— (a) a company prepares a group financial statement in accordance with this Act; and (b) the notes to the company's individual balance sheet show the company's profit or loss for the financial…
(1) The regulations may require information about related undertakings to be provided in notes to a company’s annual financial statement. (2) Those regulations— (a) may make different provision accord…
(1) This section applies when the directors of a company are of the opinion that the number of undertakings in respect of which the company is required to disclose information under any provision of r…
(1) If a company is not subject to the small companies regime, the directors of the company shall include in notes to the company’s annual financial statement the following information about the compa…
(1) Except in the case of a company that is subject to the small companies regime, the directors of a company shall include in the notes to the company's individual financial statement details of the…
(1) If a group financial statement is not prepared for a company, the directors of the company shall include in the notes to the company’s individual financial statement details of— (a) advances and c…
