A class action enables one or more plaintiffs to file a suit on behalf of a larger group or class, wherein such class has common rights and grievances. Class action is a well-defined area of litigation in the US and can be broadly categorized into securities class action and consumer class action.
The Indian legislature considered instances of corporate fraud in India, primarily the “Satyam scam” while introducing the concept of class action. In this case, no proceedings could be initiated in India due to the absence of any statutory provision for class action. The Companies Act, 2013, addresses this with a provision on class action.
Inclusion of this concept under the statute was also considered and recommended by different committee reports such as the JJ Irani Committee Report, 2005, the 21st report of the Standing Committee on Finance on the Companies Bill, 2009, and the 57th report of the Standing Committee on Finance on the Companies Bill, 2011.
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章，欢迎成为我们的订阅会员成为我们的订阅会员。
Jasleen Oberoi and Rudra Kumar Pandey are partners and Vishal Nijhawan is an associate with Shardul Amarchand Mangaldas & Co.
216 Amarchand Towers
Okhla Industrial Estate, Phase III
New Delhi – 110 020, India
Executive Chairman: Shardul Shroff
Managing Partner: Pallavi Shroff
Contact details:
Tel: +91 11 41590700, 40606060
Fax: +91 11 2692 4900
Email: shardul.shroff@AMSShardul.com pallavi.shroff@AMSShardul.com
