Section 137
of Securities Markets Order, 2013
Section 137
(i)
with intent to defraud its creditors or the creditors of another person;
(ii)
for a fraudulent or unlawful purpose; or
(iii)
in a manner that adversely affects any of its shareholders;
(b)
it appears to the Authority that there are circumstances suggesting that a company was formed for a fraudulent or unlawful purpose;
(c)
it appears to the Authority that there are circumstances suggesting that the persons concerned with the formation of a company or the management of its affairs have, in relation to the formation of the company or management of its affairs, been guilty of fraud, misfeasance or other misconduct towards the company members; or
(d)
it appears to the Authority that there are circumstances suggesting that the officers of a company have not been given all the information with respect to its affairs that they might reasonably expect, the Authority may give directions -
(i)
to the directors or senior management of the company;
(ii)
to a subsidiary or an associated company of the company; or
(iii)
to a company or companies that own or control either individually or collectively a majority shareholding of the company or have the power to place a majority of directors on the board of the company, reqmnng it, at the time and place specified in the directions, to produce the records and documents specified in the directions.
(2)
The Authority may, when acting under subsection (1), require a company referred to in subsection (1) to produce records and documents specified by it under the powers vested in it in Part X.
1342
Remedy in cases of unfair prejudice by companies.