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Companies Act, 2008 (Act No. 71 of 2008)

Chapter 7 : Remedies and Enforcement

Part D : Complaints to Commission or Panel

170. Outcome of investigation

 

 

1) After receiving the report of an inspector or independent investigator, the Commission or Panel, as the case may be, may—
a) excuse any person as a respondent in the complaint, if the Commission or Panel considers it reasonable to do so, having regard to the person’s conduct, and the degree to which the person has cooperated with the Commission or Panel in the investigation;
b) refer the complaint to the Companies Tribunal, or to the Commission or the Panel as the case may be, if the matter falls within their respective jurisdictions in terms of this Act;
c) issue a notice of non-referral to the complainant, with a statement advising the complainant of any rights they may have under this Act to seek a remedy in court;
d) in the case of the Commission, propose that the complainant and any affected person meet with the Commission or with the Companies Tribunal, with a view to resolving the matter by consent order;
e) commence proceedings in a court in the name of the complainant, if the complainant—
i) has a right in terms of this Act to apply to a court in respect of that matter; and
ii) has consented to the Commission or Panel, as the case may be, doing so;
f) refer the matter to the National Prosecuting Authority, or other regulatory authority concerned, if the Commission or Panel, as the case may be, alleges that a person has committed an offence in terms of this Act or any other legislation; or
g) in the case of—
i) the Commission, issue a compliance notice in terms of section 171; or
ii) the Panel, refer the matter to the Executive Director, who may, among other things, issue a compliance notice in terms of section 171.

 

2) The Commission or Panel, as the case may be—
a) in its sole discretion, may publish a report contemplated in subsection (1); and
b) irrespective whether it publishes such a report, must deliver a copy of the report to—
i) the complainant, or a regulatory authority that requested the initiation of the complaint;
ii) any person who was a subject of the investigation;
iii) any court, if requested or ordered to do so by the court; and
iv) any holder of securities, or creditor, of a company that was the subject of the report, or any other person implicated in the report, upon payment of the prescribed fee.