Companies Act, 1990
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Relief for a company in respect of prohibited transactions. |
157.—(1) The court may, if it deems it just and equitable to do so, grant relief to a company to which section 155 applies in respect of any act or omission which, by virtue of that section, contravened a provision of the Companies Acts or to any person adversely affected thereby, on whatever terms and conditions the court sees fit, including exemption from any such provision. | |
(2) Relief shall not be granted to the company where the person referred to in section 155 (1) complied with subsection (5) of that section. |