Companies Act 2014 section 1066

Penalty for failure to provide information

Section 1066 sets out both the civil remedy and criminal penalty that apply when a person fails to provide a public limited company (PLC) with information about their interest in its shares, following a formal request from the company.

• Where a person fails to respond to a PLC's notice requiring information about their interest in its shares, the PLC may apply to court for an order restricting those shares — preventing them from being sold, voted, or attracting dividends
• The court can impose share restrictions regardless of any power in the PLC's own constitution to impose similar restrictions itself
• Failure to comply with the notice is a category 3 criminal offence, unless the person can prove the information request was frivolous or vexatious
• Either the PLC or any person aggrieved by a court-imposed restriction order may apply to the court to have the restrictions lifted

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