Companies Act, 1990
|
Duty of stock exchange in relation to unlawful purchases. |
230.—(1) If it appears to a relevant authority of a recognised stock exchange that a company in the case of whose shares dealing facilities have been provided on that stock exchange has committed an offence under section 228 or 229 , such authority shall forthwith report the matter to the Director of Public Prosecutions and shall furnish to theDirector of Public Prosecutions such information and give to him such access to and facilities for inspecting and taking copies of any documents, being information or documents in the possession or under the control of such authority and relating to the matter in question, as the Director of Public Prosecutions may require. | |
(2) Where it appears to a member of a recognised stock exchange that any person has committed an offence under section 228 or 229 , he shall report the matter forthwith to a relevant authority of the recognised stock exchange concerned, who shall thereupon come under the duty referred to in subsection (1). | ||
(3) If it appears to a court in any proceedings that any person has committed an offence as aforesaid, and that no report relating to the matter has been made to the Director of Public Prosecutions under subsection (1), that court may, on the application of any person interested in the proceedings concerned or of its own motion, direct a relevant authority of the recognised stock exchange concerned to make such a report, and on a report being made accordingly, this section shall have effect as though the report had been made in pursuance of subsection (1). | ||
(4) If, where any matter is reported or referred to the Director of Public Prosecutions under this section, he considers that the case is one in which a prosecution ought to be instituted and institutes proceedings accordingly, it shall be the duty of a relevant authority of the recognised stock exchange concerned, and of every officer of the company whose shares are concerned, and of any other person who appears to the Director of Public Prosecutions to have relevant information (other than any defendant in the proceedings) to give all assistance in connection with the prosecution which he or they are reasonably able to give. | ||
(5) If it appears to the Minister, arising from a complaint to a relevant authority of a recognised stock exchange concerning an alleged offence under section 228 or 229 , that there are circumstances suggesting that— | ||
(a) the relevant authority ought to use its powers under this section but has not done so, or | ||
(b) that a report ought to be made to the Director of Public Prosecutions under subsection (1), but that the relevant authority concerned has not so reported, | ||
he may request the relevant authority to use such powers or make such a report, and on a report being made accordingly, this section shall have effect as though the report had been made in pursuance of subsection (1). | ||
(6) Where the Minister makes a request under subsection (5), the relevant authority concerned shall communicate the results of its investigations, or a copy of its report under subsection (1), as the case may be, to the Minister. | ||
(7) A relevant authority of a recognised stock exchange shall not be liable in damages in respect of anything done or omitted to be done by the authority in connection with the exercise by it of its functions under this section unless the act or omission complained of was done or omitted to be done in bad faith. | ||
(8) For the purposes of this section each of the following shall be a “relevant authority” in relation to a recognised stock exchange— | ||
(i) its board of directors, committee of management or other management body, | ||
(ii) its manager, however described. | ||
(9) A relevant authority shall have the same powers and duties for the purposes of this section as it has under sections 117 and 120 . | ||
(10) Where the Minister considers it necessary or expedient to do so for the proper and effective administration of this section, he may make such regulations as he thinks appropriate in relation to— | ||
(a) the powers of authorised persons, or | ||
(b) the matters in respect of which, or the persons from whom, authorised persons may require information under section 117 , as applied by subsection (9). |