153A. Personal remedies in cases of oppression or injustice

Any member or holder of a debenture of a company may apply to the Court for an order under this section on the ground -

If on such application the Court is of the opinion that either of such grounds is established, the Court may, with a view to bringing to an end or remedying the matters complained of, make such order as it thinks fit and, without prejudice to the generality of the foregoing, the order may -

Where an order that the company be wound up is made pursuant to subsection (2)&I, the provisions of the Insolvency Order, 2016

Where an order under this section makes any alteration in or addition to any memorandum or articles of the company, then, notwithstanding anything in any other provisions of this Act, but subject to the provisions of the order, the company concerned shall not have power, without the leave of the Court, to make any further alteration in or addition to the memorandum or articles inconsistent with the provisions of the order; but subject to the foregoing provisions of this subsection, the alterations or additions made by the order shall be of the same effect as if duly made by resolution of the company.

A copy of any order made under this section shall be lodged by the applicant with the Registrar within 14 days after the making of the order.

Any person who fails to comply with subsection (5) is guilty of an offence and liable on conviction to a fine not exceeding $1,000 and also to a default fine.

This section applies to a person who is not a member of a company but to whom shares in the company have been transmitted by operation of law as it applies to members of a company; and references to a member or members shall be construed accordingly.