Section 114 — Companies Act 1993: Court may grant exemption

114 Court may grant exemption (1) A company to which a notice has been given under section 111 of this Act may apply to the Court for an order exempting it from the obligation to purchase the shares to which the notice relates on the grounds that— (a) The purchase would be disproportionately damaging to the company; or (b) The company cannot reasonably be required to finance the purchase; or (c) It would not be just and equitable to require the company to purchase the shares. (2) On an application under this section, the Court may make an order exempting the company from the obligation to purchase the shares, and may make any other order it thinks fit, including an order— (a) Setting aside a resolution of the shareholders: (b) Directing the company to take, or refrain from taking, any action specified in the order: (c) Requiring the company to pay compensation to the shareholders affected: (d) That the company be put into liquidation. (3) The Court shall not make an order under subsection (2) of this section on either of the grounds set out in paragraph (a) or paragraph (b) of subsection (1) of this section unless it is satisfied that the company has made reasonable efforts to arrange for another person to purchase the shares in accordance with section 111(2)(b) of this Act.