2. Reliefs on grounds of unfairly prejudicial, oppressive, or discriminatory conduct: The law also allows for a petition to be brought against a company if the actions or omissions of the company are being conducted in an unfairly prejudicial manner, unfairly discriminatory manner, or in an oppressive manner against a member or members. A member of the company which includes the personal representative of a deceased member or any person to whom shares have been transferred or transmitted by operation of law, a director or officer, a former director or officer of the company, a creditor, Corporate Affairs Commission, and any other person who in the discretion of the Court as a proper person, may make an application under section.
If the Court is satisfied that a petition is founded, it may make any of the following reliefs; order the winding up of the company, order for the regulating of the conduct of the affairs of the company, order for the purchase of the shares of any members of the company, order for the purchase of the shares of any member by other member or by the company, order directing a company or member to institute, prosecute, defend or discontinues specific proceedings. Anyone who fails or contravenes to comply with an order made pursuant to section 355 of CAMA 2020, commits an offence and is liable to the penalty specified in the Corporate Affairs Commission Regulations 2012.
3. Investigation by Corporate Affairs Commission: The Commission may upon the application of members holding at least one-tenth of the class of shares issued in a company that has a share capital, or in a company not having a share capital, on the application of at least one-tenth of its members, or upon the application of the company, appoint one or more inspectors to investigate the affairs of a company and make a report of its findings.
For this application to be valid, it must be supported by evidence, showing that the applicant or applicants have a good reason for requiring the investigation. The Inspector has the responsibility to protect any member of a company who provides information concerning the affairs of the company being investigated. And when such employee or any other employee is relieved of his employment without just cost, other than the reason of disclosure of the company’s affairs, such employee is entitled to compensation which is to be calculated as though he had attained the maximum age of retirement, or had served the period of service in line with his condition of service or employment terms.
4. Winding up application made by a member/contributory: A winding up application may be made by a contributory where the number of members becomes below 2 or by a member for a default in holding a statutory meeting.