Section 369 CAMA 2020
Section 369 Companies and Allied Matters Act is about Appointment of inspectors to investigate ownership of a company. It is under Chapter 13 (Protection of minority against illegal and oppressive conduct action by or against the company) of the Act.
(1) Where it appears to the Commission that there is good reason so to do, it may appoint one or more competent inspectors to investigate and report on the membership of any company, and otherwise with respect to the company, for the purpose of determining the true persons who are or have been financially interested in the success or failure (real or apparent) of the company or able to control or materially to influence the policy of the company.
(2) The appointment of an inspector under this section may define thescope of his investigation, whether in respect of the matter or the period to which it is to extend or otherwise, and in particular may limit investigation to matters connected with particular share or debenture.
(3) Where an application for an investigation under this section with respect to particular share or debenture of a company is made to the Commission by members of the company, and the number of applicants or the amount of the shares held by them is not less than that required for an application for the appointment of an inspector under section 357 (2) (a) and (b)—
(a) the Commission shall appoint an inspector to conduct that investigation,unless it is satisfied that the application is vexatious ; and
(b) the inspector’s appointment is not excluded from the scope of his investigation any matter which the application seeks to include, except in sofar as the Commission is satisfied that it is reasonable for the matter to be investigated.
(4) Subject to the terms of an inspector’s appointment, his powers shall extend to the investigation of any circumstances suggesting the existence of an arrangement or understanding which, though not legally binding, is or was observed or likely to be observed in practice and which is relevant to the purposes of his investigation.
