Companies Act, 1973 (Act No. 61 of 1973)Chapter IX: Remedies of MembersInvestigation into Affairs of Company262. Proceedings on inspector's report |
| 1) | If in the case of any company or other body corporate liable to be wound up under this Act, it appears to the Minister from any such report that it is expedient so to do by reason of any circumstance referred to in section 258(2)(a) or (b), the Minister may, unless the company or other body corporate is already being wound up by the Court, make application for it to be so wound up if the Court thinks it just and equitable that it be wound up, or an application for an order such as is referred to in section 252 or both an application for an order that it be so wound up and an application for an order such as is referred to in the said section, and the Court may in that event make such order as it may consider appropriate. |
| 2) |
| a) | If from any such report it appears to the Minister that proceedings ought in the public interest to be brought by any company or other body corporate dealt with by the report for the recovery of damages in respect of any fraud, delict or other misconduct in connection with the promotion or formation of that company or other body corporate or the management of its affairs, or for the recovery of any property of the company or other body corporate which has been misapplied or wrongfully retained, the Minister may bring proceedings for that purpose in the name of the company or other body corporate. |
| b) | The Minister shall indemnify the company or other body corporate against any costs or expenses incurred by it in or in connection with any proceedings brought by virtue of paragraph (a). |