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of <h1>Section 242: Broad powers to remedy oppressive company conduct, reshape management, and protect members without winding up</h1> Section 242 of the Companies Act, 2013 empowers the Tribunal, on an application under section 241, to grant wide-ranging relief where company affairs are conducted oppressively, prejudicially to members, public interest, or the company, and winding up would unfairly prejudice members though otherwise just and equitable. The Tribunal may regulate future management, order purchase of members' shares, restrict share transfers, modify or terminate management agreements, set aside fraudulent preferences, remove and replace directors or managers, recover undue gains, and impose costs or other just and equitable measures. Orders may alter the company's memorandum or articles, which then bind the company, subject to Tribunal leave for inconsistent changes. Certified copies of relevant orders must be filed with the Registrar within prescribed timelines. Contravention of subsection (5) attracts fines on the company and defaulting officers.
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