Power of Office to deputy inspector
If the shareholders representing not less than ten percent of the paid-up capital or not less than one –fourth of the total number of shareholders of the company or the concerning creditors make an application, accompanied by the supporting evidence and reasonable grounds, stating that the company has acted in contravention of this Act, the memorandum of association, articles of association, prospectus, consensus agreement or prevailing law, the Office may, as per necessity, depute one or more inspectors. Such inspector shall be an expert in any of the subjects viz. accounts, law, finance, management, commerce, industry or company administration or any business which a company carries on the applicant shall deposit with the Office such amount of estimated cost required for such investigation as specified by the Office.
(2) Notwithstanding anything contained in Sub-section (1),where the Office is of opinion that the following circumstance does exist ,it may, as per necessity, even if no application is made pursuant to Subsection (1), appoint an inspector in possession of the qualification referred to in Sub-section (1), to investigate the transactions or business of any company:
- (a) on the receipt of information that the business or transaction of the company is being carried on to defraud the shareholders or creditors of the company or otherwise for a fraudulent or illegal purpose or it is carrying out acts against the public interest; or
- (b) any public company has not furnished such information about its transactions as is required to be furnished.
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