Banks Act, 1990 (Act No. 94 of 1990)Chapter IV : Shareholding in, and Registration of Controlling Companies in respect of, Banks46. Cancellation by court of registration of controlling company |
| (1) | The Authority may by way of application on notice of motion apply to a competent court for an order cancelling the registration of a controlling company if in the opinion of the Authority there exist grounds, other than the grounds referred to in section 45, justifying such cancellation. |
| (2) | The provisions of subsections (2) and (3) of section 25 shall mutatis mutandis apply to an application under subsection (1). |
| (3) | In addition to any other grounds which the court may consider sufficient to justify the granting of an order under subsection (1) cancelling the registration of a controlling company, such an order may also be granted if the controlling company concerned— |
| (a) | has furnished the Authority in or in connection with its application for registration with information which is in a material respect untrue; or |
| (b) | has contravened or failed to comply with a provision of or a requirement under this Act |
or if, on any other ground advanced by the Authority in the relevant application, the court is of the opinion that it is not in the public interest to allow the controlling company concerned to continue its activities as a controlling company.