Companies Act 2014 section 816

Court may grant relief from restriction on enforceability of right or interest in shares or debentures

Section 816 allows the court to grant relief from restrictions on the enforceability of rights or interests in shares or debentures that were imposed under section 815, where the default was not deliberate.

• Where a person's rights or interests in shares or debentures have been restricted under section 815 for failing to comply with a disclosure order, the court may grant relief from that restriction.
• Relief may be granted if the default was accidental, due to inadvertence, or some other sufficient cause, or if the court considers it just and equitable on other grounds.
• An application for relief may be made by the person in default or by any other person affected by the restriction, and the court may grant relief generally, in relation to a particular right or interest, or subject to conditions.
• The court cannot grant relief to the person in default if it appears that the default resulted from a deliberate act or omission on that person's part.

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