Section 178 — Companies Act 1993: Information for shareholders

178 Information for shareholders (1) A shareholder may at any time make a written request to a company for information held by the company. (2) The request must specify the information sought in sufficient detail to enable it to be identified. (3) Within 10 working days of receiving a request under subsection (1) of this section, the company must either— (a) Provide the information; or (b) Agree to provide the information within a specified period; or (c) Agree to provide the information within a specified period if the shareholder pays a reasonable charge to the company (which must be specified and explained) to meet the cost of providing the information; or (d) Refuse to provide the information specifying the reasons for the refusal. (4) Without limiting the reasons for which a company may refuse to provide information under this section, a company may refuse to provide information if— (a) The disclosure of the information would or would be likely to prejudice the commercial position of the company; or (b) The disclosure of the information would or would be likely to prejudice the commercial position of any other person, whether or not that person supplied the information to the company; or (c) The request for the information is frivolous or vexatious. (5) If the company requires the shareholder to pay a charge for the information, the shareholder may withdraw the request, and is deemed to have done so unless, within 10 working days of receiving notification of the charge, the shareholder informs the company— (a) That the shareholder will pay the charge; or (b) That the shareholder considers the charge to be unreasonable. (6) The Court may, on the application of a person who has made a request for information, if it is satisfied that— (a) The period specified for providing the information is unreasonable; or (b) The charge set by the company is unreasonable,—

as the case may be, make an order requiring the company to supply the information within such time or on payment of such charge as the Court thinks fit. (7) The Court may, on the application of a person who has made a request for information, if it is satisfied that— (a) The company does not have sufficient reason to refuse to supply the information; or (b) The company has sufficient reason to refuse to supply the information but that other reasons exist that outweigh the refusal,— the Court may make an order requiring the company to supply the information. (8) Where the Court makes an order under subsection (7) of this section, it may specify the use that may be made of the information and the persons to whom it may be disclosed. (9) On an application for an order under this section, the Court may make such order for the payment of costs as it thinks fit.