Lawgist216Investigation of ownership of company
(1) Where it appears to the Central Government that there is a reason so to do, it may appoint one or more inspectors to investigate and report on matters relating to the company, and its membership for the purpose of determining the true persons--
(a) who are or have been financially interested in the success or failure, whether real or apparent, of the company; or
(b) who are or have been able to control or to materially influence the policy of the 1[company; or].
2[(c) who have or had beneficial interest in shares of a company or who are or have been beneficial owners or significant beneficial owner of a company].
(2) Without prejudice to its powers under sub-section (1), the Central Government shall appoint one or more inspectors under that sub-section, if the Tribunal, in the course of any proceeding before it, directs by an order that the affairs of the company ought to be investigated as regards the membership of the company and other matters relating to the company, for the purposes specified in sub-section (1).
(3) While appointing an inspector under sub-section (1), the Central Government may define the scope of the investigation, whether as respects the matters or the period to which it is to extend or otherwise, and in particular, may limit the investigation to matters connected with particular shares or debentures.
(4) Subject to the terms of appointment of an inspector, his powers shall extend to the investigation of any circumstances suggesting the existence of any arrangement or understanding which, though not legally binding, is or was observed or is likely to be observed in practice and which is relevant for the purposes of his investigation.
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1. Subs. by Act 1 of 2018, s. 71 for "company" (w.e.f. 13-6-2018).
2. Ins. by s. 71, ibid., (w.e.f. 13-6-2018).
- 206 Power to call for information, inspect books and conduct inquirie
- 207 Conduct of inspection and inquiry
- 208 Report on inspection made
- 209 Search and seizure
- 210 Investigation into affairs of company
- 211 Establishment of Serious Fraud Investigation Offic
- 212 Investigation into affairs of company by Serious Fraud Investigation Office
- 213 Investigation into company‘s affairs in other cases
- 214 Security for payment of costs and expenses of investigatio
- 215 Firm, body corporate or association not to be appointed as inspecto
- 216 Investigation of ownership of company
- 217 Procedure, powers, etc., of inspectors
- 218 Protection of employees during investigation
- 219 Power of inspector to conduct investigation into affairs of related companies, etc
- 220 Seizure of documents by inspecto
- 221 Freezing of assets of company on inquiry and investigation
- 222 Imposition of restrictions upon securities
- 223 Inspector‘s report
- 224 Actions to be taken in pursuance of inspector‘s report
- 225 Expenses of investigatio
- 226 Voluntary winding up of company, etc., not to stop investigation proceeding
- 227 Legal advisers and bankers not to disclose certain information
- 228 Investigation, etc., of foreign companies
- 229 Penalty for furnishing false statement, mutilation, destruction of document
