This document outlines provisions for acquiring shares of dissenting shareholders under certain conditions. It allows a transferee who gains approval from 90% of shareholders for a scheme or contract transferring all shares in a company to acquire the shares of dissenting shareholders. Specifically: 1) If a scheme transferring all shares in a company to a transferee is approved by 90% of shareholders within 4 months, the transferee can give notice to acquire dissenting shareholders' shares within 2 months. 2) If the transferee acquires 90% of a company's shares through such a scheme, they must notify the remaining shareholders and allow them to require the transferee to acquire their shares within 3 months. 3

1. Power to acquire shares of shareholders dissenting from scheme or contract approved by 90% majority
215.—(1) Where a scheme or contract involving the transfer of all of the shares or all of the shares in any
particular class in a company (referred to in this section as the transferor company) to a person (referred to in this
section as the transferee) has, within 4 months after the making of the offer in that behalf by the transferee, been
approved as to the shares or as to each class of shares whose transfer is involved by the holders of not less than
90% of the total number of those shares (excluding treasury shares) or of the shares of that class (other than
shares already held at the date of the offer by the transferee, and excluding any shares in the transferor company
held as treasury shares), the transferee may at any time within 2 months, after the offer has been so approved, give
notice in the prescribed manner to any dissenting shareholder that it desires to acquire his shares; and when such a
notice is given the transferee shall, unless on an application made by the dissenting shareholder within one month
from the date on which the notice was given or within 14 days of a statement being supplied to a dissenting
shareholder pursuant to subsection (2) (whichever is the later) the Court thinks fit to order otherwise, be entitled
and bound to acquire those shares on the terms which, under the scheme or contract the shares of the approving
shareholders are to be transferred to the transferee or if the offer contained 2 or more alternative sets of terms
upon the terms which were specified in the offer as being applicable to dissenting shareholders.
[15/84; 8/2003; 21/2005]
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(3) Where, in pursuance of any such scheme or contract, shares in a transferor company are transferred to a
transferee or its nominee and those shares together with any other shares in the transferor company held by the
transferee at the date of the transfer comprise or include 90% of the total number of the shares in the transferor
company or of any class of those shares, then —
(a) the transferee shall within one month from the date of the transfer (unless on a previous transfer in
pursuance of the scheme or contract it has already complied with this requirement) give notice of that fact
in the prescribed manner to the holders of the remaining shares or of the remaining shares of that class
who have not assented to the scheme or contract; and
(b) any such holder may within 3 months from the giving of the notice to him require the transferee to acquire
the shares in question, and where a shareholder gives notice under paragraph (b) with respect to any
shares, the transferee shall be entitled and bound to acquire those shares on the terms on which under the
scheme or contract the shares of the approving shareholders were transferred to it, or on such other terms
as are agreed or as the Court on the application of either the transferee or the shareholder thinks fit to
order.
[Act 36 of 2014 wef 03/01/2016]
(3A) In subsection (3), for the purpose of calculating whether 90% of the total number of shares are held by
the transferee, shares held by the transferor company as treasury shares are to be treated as having been acquired
by the transferee.