Section 343 CAMA 2020

Section 343 Companies and Allied Matters Act is about Protection of minority: in junction and declaration in certain cases. It is under Chapter 13 (Protection of minority against illegal and oppressive conduct action by or against the company) of the Act.

Without prejudice to the rights of members under sections 346-351and sections 353-355 of this Act or any other provisions of this Act, the Court,on the application of any member, may by injunction or declaration restrain the company or its officers from—

(a) entering into any transaction which is illegal or ultra vires ;

(b) purporting to do by ordinary resolution any act which by its articles or this Act required to be done by special resolution ;

(c) any act or omission affecting the applicant’s individual rights as a member ;

(d) committing fraud on either the company or the minority shareholders where the directors fail to take appropriate action to redress the wrong done ;

(e) where a company meeting cannot be called in time to be of practical use in redressing a wrong done to the company or to minority shareholders ;

(f ) where the directors are likely to derive a profit or benefit, or have profited or benefited from their negligence or from their breach of duty ; and

(g) any other act or omission, where the interest of justice so demands.