Section 178: Prejudiced shareholders

178. Prejudiced shareholders (1) Any shareholder or former shareholder of a company, or any other entitled person, who considers that the affairs of a company have been, or are being, or are likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, or are likely to be, oppressive, unfairly discriminatory, or unfairly prejudicial to that person in that capacity or in any other capacity, may apply to the Court for an order under this section. (2) Where, on an application under this section, the Court considers that it is just and equitable to do so, it may make such order as it thinks fit including, without prejudice to the generality of this subsection, an order— (a) requiring the company or any other person to acquire the shareholder’s shares; or C35 – 113 [Issue 3] Companies Act (b) requiring the company or any other person to pay compensation to a person; or (c) regulating the future conduct of the company’s affairs; or (d) altering or adding to the company’s constitution; or (e) appointing a receiver of the company; or (f) directing the rectification of the records of the company; or (g) putting the company into liquidation; or (h) setting aside action taken by the company or the Board in breach of this Act or the constitution of the company. (3) (a) No order may be made against the company or any other person under subsection (2) unless the company or that person is a party to the proceedings in which the application is made. (b) When an order is made under this section, the Court shall record on the order the date on which and time at which the order is made. [S. 178 amended by s. 414 (1) (a) of Act 3 of 2009 w.e.f. 1 June 2009.]