Section 124 : Report to be submitted

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1) The inspector appointed pursuant to this Chapter shall, on conclusion of the investigation, submit a report, accompanied by his/her opinions, to the Office. The Office shall give a copy of such report to the applicant if any shareholder makes an application to get a copy of such report, the office shall issue a copy thereof to him/her, by collecting the prescribed fees.

2) If, from any report made by the inspector under Sub-section(1), It appears to the Office that any directors, managing directors , managers, employees or any other officers of the company have knowingly caused any loss or damage to the company or have defrauded, cheated the shareholders or creditors or committed any other illegal acts, the Office shall, notwithstanding anything contained in the prevailing laws, order the company to file a lawsuit on behalf of the company against them.

3) Where the Office thinks that the company may suffer further loss or damage if its business is left further in the hand of directors, managing directors, managers, employees or any other officers who have committed any act as referred to in Sub-section (2), the Office may give necessary direction to the company to suspend such directors managing directors, managers, employees or officers and carry on its business through any other means.

4) Notwithstanding anything contained in the prevailing law on evidence, any matter contained in and any fact expressed in a report submitted by an inspector pursuant to Sub-section(1) shall be admissible as an evidence.

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Section 124 : Report to be submitted

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