s 86G Remedial directions relating to section 86F
86G.—(1) Subsection (2), (3) or (4) applies if —(a) the Authority is satisfied that a person (called in this section a defaulter) —(i) has contravened section 86F(1) or (3) or failed to comply with a condition imposed on that person under section 86F(6); or (ii) has provided false or misleading information or documents in connection with an application for approval under section 86F(1) or (3); or (b) the Authority would not have granted its approval under section 86F(1) or (3) had it been aware, at the time of approval, of circumstances relevant to a defaulter’s application for such approval.[Act 20 of 2024 wef 01/04/2025] (2) Where a defaulter is a 25% controller, 50% controller or 75% controller of a designated operating entity or designated equity interest holder, the Authority may do any one or more of the following:(a) direct the defaulter to take such steps as are necessary, within the period specified by the Authority, to cease to be a 25% controller, 50% controller or 75% controller (as the case may be) of the designated operating entity or designated equity interest holder, as the case may be;[Act 20 of 2024 wef 01/04/2025] (b) direct the transfer or disposal of all or any of the equity interest in the designated operating entity or designated equity interest holder (as the case may be) held by the defaulter or any of the defaulter’s associates (called in this section and section 86H the specified equity interest), within such time and subject to such conditions as the Authority considers appropriate;[Act 20 of 2024 wef 01/04/2025] (c) restrict or prohibit the transfer or disposal of all or any of the specified equity interest, subject to any conditions that the Authority considers appropriate;[Act 20 of 2024 wef 01/04/2025] (d) make any other direction that the Authority considers appropriate.[40/2017] [Act 20 of 2024 wef 01/04/2025] (3) Where, as a result of a person (called in this subsection the transferee) acquiring any equity interest from a defaulter who is a 25% controller, 50% controller or 75% controller of a designated operating entity or designated equity interest holder (called in this section and section 86H the specified acquired equity interest), the defaulter ceases to be a 25% controller, 50% controller or 75% controller (as the case may be) the Authority may do any one or more of the following:(a) direct the transferee to take such steps as are necessary, within the period specified by the Authority, to cease to hold all or any of the specified acquired equity interest; (b) direct the defaulter to take such steps as are necessary within the period specified by the Authority, to resume being a 25% controller, 50% controller or 75% controller, as the case may be;[Act 20 of 2024 wef 01/04/2025] (c) direct the acquisition, transfer or disposal of all or any of the specified acquired equity interest within such time and subject to such conditions as the Authority considers appropriate; (d) restrict or prohibit the transfer or disposal of all or any of the specified acquired equity interest, subject to any conditions that the Authority considers appropriate;[Act 20 of 2024 wef 01/04/2025] (e) make any other direction that the Authority considers appropriate.[40/2017] [Act 20 of 2024 wef 01/04/2025] (4) Where a defaulter is an indirect controller of a designated operating entity or designated equity interest holder, the Authority may do one or both of the following:(a) direct the defaulter, or direct the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder (as the case may be) to take such steps as are necessary, within the period specified by the Authority, to cease to be such an indirect controller or to cause the defaulter to cease to be such an indirect controller; (b) make any other direction that the Authority considers appropriate.[40/2017] [Act 20 of 2024 wef 01/04/2025] (5) [Deleted by Act 20 of 2024 wef 01/04/2025] (6) [Deleted by Act 20 of 2024 wef 01/04/2025] (7) [Deleted by Act 20 of 2024 wef 01/04/2025] (8) [Deleted by Act 20 of 2024 wef 01/04/2025] (9) [Deleted by Act 20 of 2024 wef 01/04/2025]