Section 357 CAMA 2020

Section 357 Companies and Allied Matters Act is about Investigation of a company on its own application or that of its members. It is under Chapter 13 (Protection of minority against illegal and oppressive conduct action by or against the company) of the Act.

(1) The Commission may appoint one or more competent inspectors to investigate the affairs of a company and to report on them in such manner as it may direct.

(2) The appointment may be made—

(a) in the case of a company having a share capital, on the application of members holding at least one-tenth of the class of shares issued ;

(b) in the case of a company not having a share capital, on the application of at least one-tenth in number of the persons on the company’s register of members ; and

(c) in any other case, on the application of the company.

(3) The application shall be supported by such evidence as the Commission may require for the purpose of showing that the applicant or applicants have good reason for requiring the investigation.

(4) Where a company’s employee, in compliance with an inspector’s request, provides the inspector with any information concerning the company’saffairs, the company shall protect the employee from any form of discrimination or other unfair treatment.

(5) Any employee relieved of his employment without any just cause,other than for reason of disclosure made pursuant to the provision of this section,is entitled to a compensation which is calculated as if he had attained the maximum age of retirement or had served the maximum period of service, in accordance with his terms of employment or conditions of service to the company.