Section 370 CAMA 2020

Section 370 Companies and Allied Matters Act is about Provisions applicable to investigation. It is under Chapter 13 (Protection of minority against illegal and oppressive conduct action by or against the company) of the Act.

(1) For the purposes of any investigation under section 369, the provisions of sections 359-363 apply with the necessary modifications to references to the affairs of the company or those of any body corporate, that—

(a) the said sections shall apply in relation to all persons who are or have been, or whom the inspector has reasonable cause to believe to be or have been, financially interested in the success or failure or the apparent success or failure of the company or any other body corporate whose membership is investigated with that of the company, or able to control or materially to influence the policy thereof, including persons concerned only on behalf of others, as they apply in relation to officers and agents of the company or of the other body corporate, as the case may be ; and

(2) The expenses of any investigation under section 369 shall be defrayed out of the Consolidated Revenue Fund.