Section 90: Special powers of Board

1) The Board may exercise the following special powers for the purpose of regulating and managing the securities transactions, having regard to the development of the capital market and interests of investors:

(a) In the event of the failure of any body corporate having made a public issue of securities to call its general meeting, as required to be called under the laws in force, within the specified time, to order such a body corporate to call the general meeting,

(b) In the event of the failure of any body corporate having made a public issue of securities to allot its securities within the specified time, to order such a body corporate to refund the money paid for such securities,

(c) To direct the concerned body corporate to enlist any securities or to stop transactions of any securities,

(d) In consultation with a stock exchange, to issue an order to close the stock exchange for a maximum period of five days,

(e) To issue a direction, also indicating the contents to be amended in the By-laws of the stock exchange and specifying a certain period, to amend the By-laws within such period or order to issue new By-laws, as required,

(f) To get the financial statements and financial reports submitted by any corporate body having issued securities and any securities business person to be reviewed or examined by accounts experts, as required,

(g) To direct any corporate body having registered their securities to make corrections in the management, financial arrangements and other related provisions of such a body,

(h) To direct the concerned stock exchange to restructure its Board of directors,

(i) In the event of receipt of information on any action taken by the stock exchange against its member pursuant to Section 52 to take appropriate action against such a member or revoke the license of such member,

(j) In the event of a violation, in the course of carrying activities relating to securities, of this Act or the Rules and By-laws framed under this Act or orders or directions issued by the Board thereunder by any stock exchange, securities business person and any director or employee of any body corporate which has listed its securities, to order the concerned stock exchange, securities business person or body corporate which has listed its securities to institute necessary action against such a director or an employee,

(k) In the event of failure of any stock exchange, securities business person or body corporate which has listed its securities to have audit within the specified time or otherwise to appoint an auditor, to appoint an auditor to examine and audit the accounts, books, cash and in-kind properties, as well, of such stock exchange, securities business person or body corporate which has listed its securities.

2) It shall be the duty of all the concerned to comply with any order or directions issued by the Board in the exercise of the special powers referred to in sub-section (1).

3) The concerned body shall bear the remuneration of the auditor appointed under clause (k) of sub-section (1).

4) The Board shall make public, as prescribed, the details of activities which it has carried out in relation to the regulation, monitoring, inspection and inquiry of the concerned bodies corporate and necessary details in relation to whether the concerned bodies corporate have complied with the orders or directions issued by the Board under this Act or the Rules, By-laws or manuals framed under this Act or not.